I have read a couple of the Elric books, which are from the 1960s onward.
If I recall correctly, he is mainly summoner, who uses specific rituals to conjure specific beings. He is actually what I think of when I think of the word "sorcerer".
He is different from the D&D Sorcerer.
I wouldnt even stat him as a D&D Warlock, because he has multiple pacts with multiple beings.
And I wouldnt stat him as a Wizard, because he is mainly performing rituals. It is the summoned creatures who are doing the magical effects.
If D&D had a Summoner class, whose pets do all the magic stuff, that seems closest to the Elric concept.