12 months after winning the Premier League title, Slot has come under immense pressure from fans who have called for him to replaced by former Bayer Leverkusen and Real Madrid boss Xabi Alonso.
This has come as The Reds missed out on the EFL Cup, have zero chance at winning the Premier League and are struggling to push into the top four of the table.
As the end of the season approaches, the Liverpool board will be considering Slot’s future especially if the side fail to win any silverware after mass spending last summer.
Speaking to the Overlap, Gerrard revealed if the Dutchman has credit in the bank and if he should be given a chance to stay and improve the side.
"He (Slot) has with me because I know more than anyone on the planet how difficult it is to win a league, and for him to come in and win a league, in his first season, he's got a lot more credit with me.
"Jamie will tell you, Liverpool will demand, they expect to win it every year. I think he needs the opportunity to play his way out of trouble and fix the issues and try and get himself back in a good place.
“I think someone who has won a league deserves at least a full season to try and get out of the problems and issues that they've got, I'm certainly one of them.
"But, I have to understand what the fans are saying as well, because it has been dire on certain games and performances."
The tragic death of Diogo Jota last summer combined with constant injuries to top players like Alexander Isak and Jeremie Frimpong throughout the season has crippled Liverpool over the campaign as they fail to defend their title.
Whether the Liverpool board will be ruthless and will sack Slot is yet to be seen, but what is certain is that Alonso is ready to step in if he is let go.