Salah, earning around £350,000 a week, faces a contract expiry this summer, and his departure could signal a changing of the club’s squad makeup.
Despite growing calls to extend the contracts of Salah and Virgil van Dijk as they lead Slot’s title drive, Geey pointed out an underlying issue in the club’s approach.
"Liverpool have been paying these three players at an undervalue for the last 18 months or so," said Geey on The Overlap Fan Debate with Sky Bet. "Whatever Salah was worth three years ago, he might be worth a lot more now in terms of his performance levels.
"And then there's another, more cynical view. There's a lot of data research suggesting players looking to renew their deals actually over perform in the season of the renewal and massively underperform in the couple of seasons after that renewal.
"So I wouldn't put it past them at all for (chief executive Michael) Edwards, (sporting director Richard) Hughes and (technical director Julian) Ward to be playing an absolute blinder. It'll all be determined at the end of the season if they play well or not and win the league and Champions League."