The Reds hierarchy weren't pleased with a fifth-place finish in the Premier League and no silverware, despite giving the Dutchman over £450 million to spend on new signings.
Some of Liverpool's squad, most notably Mohamed Salah, also publicly revealed their discontent at the manager's methods, urging them to go back to the "heavy metal style" that was synonymous with Jurgen Klopp's time at Anfield.
Slot could arguably have no complaints about being sacked, and the Merseyside giants have already identified Iraola as his replacement.
The Spaniard left Bournemouth on a high after helping them qualify for Europe for the first time in their history, and now Liverpool are in "advanced" negotiations with Iraola.
According to Sky reporter Florian Plettenberg, though, Bayer Leverkusen - another contender for the 43-year-old's services - haven't received a "100% rejection" from the manager.
That could open the door to a potential hijack, as the situation depends solely on Liverpool reaching an "agreement" with Iraola as a new era is set to begin at Anfield.