The Holland fullback is expected to leave Bayer Leverkusen at the end of this season.
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BILD says Slot sees Frimpong as the ideal replacement for Trent Alexander-Arnold as his Liverpool contract runs down this term.
Frimpong's contract carries an affordable €40m buyout clause and the former Manchester City defender is open to a return to England.
The player's pace and attacking qualities has seen him likened to Alexander-Arnold and Slot is convinced Frimpong would slip easily into his system.