Liverpool face Paris Saint-Germain in the first leg of their Champions League quarter-final on Wednesday night in what is a crucial game for Slot who is close to being let go by the board.
Former manager Jurgen Klopp has been tipped for a potential return to Liverpool as fans cry out for the side to bring back their inspiring performances which won them the title last season.
As pressure mounts, Gerrard has spoken honestly about Slot who he admits he worries about as the club fail on all fronts.
"I think if the ownership and the people above, they see that gap, the villa, and United stretches or gets any worse, I worry for the manager's position," Gerrard told talkSPORT. "I don't want to see that happen. I'm a huge fan of Arne Slot. I was blown away by his first season. I must say, he's a good man, he's obviously a very, very good coach, the job he's done.
"I think the key to this situation will be the Fulham game, in terms of if he can put more heat on United and Villa, and he can stay in the PSG game into next week, I think everything will be fine and in a better place in five, six days' time. But if this was to get any worse, I'd be worried for the manager, I must say."
Liverpool spent a record £446M last summer on new arrivals but are struggling to grab a Champions League spot, let alone challenge for the title.
The club are out of both domestic cups and Slot’s final chance at salvaging his job will come in the final seven league games where he must secure Champions League football or be booted out the door.