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From Discworld & Pratchett Wiki

i) Elric is a necromancer/warrior in Michael Moorcock's series of straight, if high-camp, fantasy novels. He is handicapped by his being a weak and enfeebled albino, whose energy fails rapidly if not sustained by eldritch drugs or the proximity of the dread hell-sword Stormbringer. (Kring in the Discworld-view) He regularly calls for the support and patronage of the Chaos demon/god Arioch to assist him. Arioch sometimes obliges. Elric is the first manifestation of the Eternal Champion, doomed to be continually reincarnated down the echoing corridors of time and space to serve whichever threatened civilization requires his services.

ii) Eric is a necromancer on the Discworld seeking to conjure up rare and powerful demons. He is handicapped by his general weediness, adolescent spots, a teenage male's casual attitude to matters of personal hygiene, and his thin weedy voice. In a vain attempt to look older than he really is, he wears a false beard and glasses. He seeks to summon up demons from hell to grant him the traditional three wishes. What he got was Rincewind, whom Death privately speculates is the Eternal Coward, the Anti-hero With a Thousand Retreating Backs. Avaunt.

There may be a connection between the two but only Terry Pratchett knows and he isn't telling.