Iraola has emerged as Liverpool’s top target to replace Slot, who was sacked on Saturday after a turbulent second season in charge.
Liverpool have reportedly agreed a deal in principle to bring the Spaniard, who left Bournemouth at the end of this season, to Anfield.
Sporting director Richard Hughes was heavily involved in hiring Iraola during his time at Bournemouth and is again spearheading the recruitment of the highly rated coach.
The Reds are believed to be keen to wrap up a deal with Iraola before the start of the World Cup next week, which would allow the 43-year-old a lengthy acclimatisation period before pre-season training.
Slot was sacked last weekend after Liverpool finished fifth in the Premier League, 25 points behind champions Arsenal.
The Dutchman had led Liverpool to the Premier League title in his debut season, but his follow-up campaign quickly turned into a nightmare.
The death of Liverpool forward Diogo Jota last year had a huge impact at Anfield, while the club’s US$606 million spending spree on new signings failed to pay off.
Slot’s relationship with star forward Mohamed Salah also deteriorated, while Liverpool fans turned on the former Feyenoord manager due to his team’s lifeless performances and poor results.
Liverpool’s pursuit of Iraola is in line with the club’s desire to move back towards the aggressive, attacking style used by Slot’s predecessor Jurgen Klopp.
Iraola earned plaudits for Bournemouth’s impressive sixth-place finish this season, which secured the club’s first qualification for Europe in the Europa League.
He arrived at Bournemouth from Raya Vallecano in 2023, having previously managed Mirandes and AEK Larnaca.
Bournemouth improved each year under Iraola, finishing 12th, ninth and sixth.
The Spaniard was praised for his astute tactics and development of youngsters including Eli Junior Kroupi and Alex Scott.
Iraola is understood to be keen on taking his Bournemouth assistant Tommy Elphick with him to Anfield.
Elphick, a boyhood Liverpool fan, has reportedly rejected an offer to become manager of second-tier side Bristol City. (AFP)