The horror vision reportedly “showed the punch that killed the bouncer” as investigators released the alleged British suspect amid a court probe.
It follows the death of doorman Jose Rafael Pisani Pardo, who died following injuries suffered in the struggle outside the Costa del Sol eatery at the weekend.
The dad-of-two is said to have hit his head as he crashed to the ground.
He was knocked unconscious and evacuated in a serious condition to a hospital in Malaga where he was admitted to intensive care.
Sadly, the Venezuelan-born bouncer died on Sunday evening after failing to recover from his injuries.
Following the incident, a Brit identified by police only by his initials of HGJS, was arrested as an alleged suspect on Tuesday.
Cops made the arrest in the nearby resort of Marbella after reportedly obtaining CCTV footage from inside Elliott’s eatery Olivia’s La Cala.
The vision allegedly showed the suspect punching the doorman as he tried to restrain him after a fight broke out in the early hours of Sunday morning.
However, the 32-year-old man has now been bailed following a court appearance.
The Brit was banned from leaving Spain and ordered to sign on at court twice a month as part of his provisional release conditions.
The ongoing court probe is believed to be a manslaughter investigation, although officials have not yet said how they have qualified it judicially.
Romina Acuna, Jose’s now widowed wife, told Spanish newspaper Sur that her partner rang her half an hour before the incident to say he was worried about the number of drunken customers in the restaurant.
The pair had only married five months ago in a glitzy ceremony in Las Vegas and were planning to have a child and start a new life together selling sports supplements in the Canary Islands.
Jose had reportedly been planning to leave his doorman job after the summer.
Since the tragic incident, the restaurant in La Cala de Mijas closed temporarily out of respect for the dead man.
Elliott posted a tribute to Jose via his Instagram, which read: “I am absolutely devastated at the loss of Jose – he was a dear friend and colleague.
“The entire team are grieving a wonderful human-being and I am supporting them.
“I have known Jose for over a decade – he has been a friendly face since I moved to Spain.
“Over time he became a great friend and colleague.
“This will take me a long time to get over, if ever.
“He was a really good guy.”
On Tuesday, April 18, the former Towie star’s restaurant was vandalised and covered in graffiti.
In response to the damage, Elliott said: “Today our restaurant has been vandalised which has left us, already shocked and grieving, in total disbelief.
“We will not let this senseless vandalism distract us.”
The same eatery was badly damaged in an arson attack two years ago.
Two masked men with jerrycans filmed on CCTV breaking into the premises shortly before it went up in flames have yet to be caught.