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Sporting Lisbon boss Ruben Amorim has also been linked with the job.
But Slot, who this season has won the Dutch Cup and won the Eredivisie last year, is now the favourite – yet who is the 45-year-old and what has he done to be a frontrunner for the Anfield vacancy?
Prior to his coaching journey, Slot enjoyed an 18-year playing career as a midfielder in the Netherlands, playing for seven years at FC Zwolle and five years at NAC Breda.
He was part of a promotion-winning side at the former from the second tier to the top-flight, while he finished fourth in the Eredivisie at Breda and played in the UEFA Cup against Newcastle United in 2003, losing 6-0 on aggregate.
Slot, known for his passing and vision, later had spells at Sparta Rotterdam and PEC Zwolle before retiring in 2013 at the age of 35.
But in the last 10 years, he has developed steadily as a coach.
The Dutchman moved straight away onto the coaching staff at first division club PEC Zwolle, working as a youth coach for one year before moving on to be assistant at then-Eredivisie side Cambuur.
Arne Slot has enjoyed a successful coaching career so far (Getty Images)
He was a No 2 under three different head coaches before he took interim charge in October 2016, with the club 14th in the second division.
However, he helped them to third in the league, missing out on promotion in the play-offs and a spot in the Dutch Cup final – having earlier beaten Ajax – on penalties in the semi-finals.
Despite his impressive first outing as a head coach, Slot moved to AZ Alkmaar to be assistant to John van den Brom.
He finished second behind Ajax on goal-difference but the Eredivisie was cancelled due to the Covid pandemic.
Slot was then sacked as AZ head coach in December 2020, having negotiated a deal to join rivals Feyenoord for the following season.
The coach left with 2.11 points per game in the league, the highest of any coach in AZ history.
Slot has lost to Roma in three consecutive years in Europe (Getty Images)
But his time in Feyenoord has been an overwhelming success.
He guided the team to the inaugural UEFA Conference League final in his first season, losing to Roma in the final, and third in the Eredivisie.
Having extended his contract in the summer of 2022, Slot guided Feyenoord to their 16th league title and first since 2017.
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