Liverpool meet West Ham in London on Sunday on the back of nine defeats in their past 12 games.
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Asked if Slot's job is now in doubt, McManaman said on TNT Sports: "I personally think 'no'.
"I think it's far too early to come up with a question like that. They'd have to go out of the Champions League and be wallowing near the bottom of the league.
"They play Arsenal second week of January, that's when the question should be asked.
"They'll be halfway through the season by then."