Scattering of coherent light from scattering particles causes phase shift to the scattered light. The interference of unscattered and scattered light causes the formation of speckles. When the scattering particles, under the influence of an ultrasound (US) pressure wave, vibrate, the phase shift fluctuates, thereby causing fluctuation in speckle intensity. We use the laser speckle contrast analysis (LSCA) to reconstruct a map of the elastic property (Young’s modulus) of soft tissue-mimicking phantom. The displacement of the scatters is inversely related to the Young’s modulus of the medium. The elastic properties of soft biological tissues vary, many fold with malignancy. The experimental results show that laser speckle contrast (LSC) is very sensitive to the pathological changes in a soft tissue medium. The experiments are carried out on a phantom with two cylindrical inclusions of sizes 6mm in diameter, separated by 8mm between them. Three samples are made. One inclusion has Young’s modulus E of 40kPa. The second inclusion has either a Young’s modulus E of 20kPa, or scattering coefficient of μs'=3.00mm-1 or absorption coefficient of μa=0.03mm-1. The optical absorption (μa), reduced scattering (μs') coefficient, and the Young’s modulus of the background are μa=0.01mm-1, μs'=1.00mm-1 and 12kPa, respectively. The experiments are carried out on all three phantoms. On a phantom with two inclusions of Young’s modulus of 20 and 40kPa, the measured relative speckle image contrasts are 36.55% and 63.72%, respectively. Experiments are repeated on phantoms with inclusions of μa=0.03mm-1, E=40kPa and μs'=3.00mm-1. The results show that it is possible to detect inclusions with contrasts in optical absorption, optical scattering, and Young’s modulus. Studies of the variation of laser speckle contrast with ultrasound driving force for various values of μa, μs', and Young’s modulus of the tissue mimicking medium are also carried out.