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Slot has emerged as the frontrunner to take over from the German, who is leaving after nine stellar years, in which the club have won the Champions League and Premier League.
Slot has been linked with a move to the Premier League before, with Tottenham interested in bringing him to North London.
But he turned down the chance to move, as he wanted Champions League football.
Opening up on the decision to stay with Feyenoord, the 45-year-old shared: "The decisive factor was playing the Champions League.
But my intention is to stay because that already raises an expectation."
Feyenoord had secured a place in this season's Champions League after winning the Eredivisie.
However, they were unable to progress beyond their group stage and subsequently dropped into the Europa League, where they were knocked out by Serie A heavyweights Roma.
Liverpool, currently sitting second in the Premier League and 14 points clear of fifth-placed Tottenham, are well-positioned to meet Slot's Champions League aspirations next season.
Securing two victories from their upcoming five matches would ensure Liverpool's return to Europe's premier football competition next term.
However, the Reds are likely to aim higher, with a realistic chance of clinching their second Premier League title under Klopp before the season concludes.
In other news, Slot could potentially face his current team Feyenoord in the Champions League next season.
The Dutch outfit have all-but secured their spot in the tournament - sitting in second and 12 points clear of Twente with just four games remaining, while also boasting a much better goal difference.
Slot has two years left on his contract with Feyenoord.
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