The 18-year-old was signed by Major League Soccer last week on a one-year loan with an option to buy from AS Fortuna in Cameroon.
Eloundou was made available through the special lottery on Friday, which was won by the Rapids over Real Salt Lake and D.C. United.
"This is an exciting acquisition for the Rapids, getting a player who has attracted attention from top clubs in Europe," said Rapids technical director Paul Bravo. "He's got great pace, strength and skill, and at just 18 he's already in the set up for the full national team of Cameroon. We're looking forward to welcoming him into our squad."
Eloundou has played four times for Cameroon's national team and he joins the Rapids after scoring nine goals in 20 matches for Unisport in the Cameroonian first division.
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