"I'm absolutely delighted. Liverpool is one of the biggest clubs in the world. It doesn't take much to feel drawn to it," Iraola said in a club statement. "Liverpool is Liverpool."
His predecessor, Slot, took charge in summer 2024 as Jürgen Klopp's successor, guided the club to a 20th league title, but departed after finishing fifth in his second campaign.
Bayer Leverkusen had also been pursuing Iraola, but when Anfield's interest became clear, the Bundesliga club switched course and appointed Spaniard Carles Martínez (FC Toulouse) as Kasper Hjulmand's successor on Thursday.
The former Spain international (two caps) prospered at Bournemouth with relatively limited resources, guiding the club to sixth in the Premier League—just three points and one place behind Liverpool—on the back of fast, attractive football.