Reports have suggested that the now departed Cherries boss has been interested in the role, and that he had been in talks with over clubs, including Bayer Leverkusen and Crystal Palace, with the latter making him an offer.
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But the Merseyside club have announced that Slot will depart with immediate effect, after a disappointing second season at the helm following a title-winning first campaign.
National media outlets including the BBC, the Telegraph and the Mirror are reporting that Iraola is the leading contender to take on the Anfield job after he left the Cherries at the conclusion of the season.
(Image: Richard Crease)
Liverpool’s owners Fenway Sports said in a statement: "That this was a difficult decision for us to make as a club goes without saying. The contribution Arne has made to Liverpool FC in the time that he has been with us has been significant, meaningful and - most importantly of all to supporters and ourselves – successful.
"As such, our appreciation for everything he has achieved could not be greater, particularly as it was underpinned by a work ethic, a diligence and a level of expertise which further underlined our view that he is a leader in his field.
"From the moment that we first encountered Arne, it was immediately clear that he is an individual who does not merely accept responsibility, he embraces it."