"It goes without saying that this was a difficult decision for us as a club," the Anfield club said in a statement on Saturday. "The contribution Arne made to Liverpool FC during his time with us was significant, important and – most importantly for the fans and ourselves – successful. Our gratitude for his achievements could not be greater."
Slot delivered an immediate league title in his debut campaign, stepping into the substantial void left by Jürgen Klopp. Last term, the club splashed out nearly €500m on Florian Wirtz, Alexander Isak, Hugo Ekitike, Jeremie Frimpong, Milos Kerkez and Giovanni Leoni, yet results soon turned discouraging.
Slot struggled to forge the star-studded squad into a cohesive unit, and title hopes were extinguished early. Liverpool eventually finished fifth in the Premier League, securing a Champions League spot, but were then eliminated by Paris Saint-Germain in the quarter-finals of Europe's premier competition.
Their FA Cup run also ended in the quarter-finals, courtesy of a 4-0 thrashing by Manchester City, while Crystal Palace beat them in both the Community Shield and the League Cup fourth round.