The Reds are turning to a Dutchman in Feyenoord boss Slot to replace the German Klopp.
Per The Mail, they will have to pay around 10 million to land Slot, as Feyenoord are not in the mood to let their manager walk away easily.
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Sporting CP boss Ruben Amorim was thought to be the favorite for the job.
However, he has since been linked to West Ham United, while Xabi Alonso has committed to Bayer Leverkusen for another season.
The Reds, who now appear to be adrift in the title race, may want to placate the fans with a quick managerial hire in the coming weeks.