Ok, it was never directly offered to him, but Elrond was the last remaining male descendant of the House of Fingolfin. That immediately qualified him as eligible, in addition to being Gil-galad's vice-regent in Eriador.
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But Melkor also was there, and he came to the house of Fëanor, and there he slew Finwë King of the Noldor before his doors, and spilled the first blood in the Blessed Realm; for Finwë alone had not fled from the horror of the Dark.
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