The new deal, reportedly a six-year contract, is being prepared by the club's owners, Fenway Sports Group. This move is expected to take place after the Premier League trophy presentation at Anfield on Sunday.
Slot joined Liverpool from Feyenoord last summer, signing a three-year contract that expires in 2027.
When asked about the possibility of spending 10 years at the club, Slot expressed his enthusiasm for Liverpool's history and culture. He noted that the club has a tradition of retaining managers for extended periods, citing examples of Arsene Wenger and Sir Alex Ferguson.
Slot also observed that patience is often lacking in football and life, but believes England may be an exception. He is eager to continue working at Liverpool, citing the club's great spirit and his own happiness in his role.
