Liverpool's former captain and club legend was working as a pundit for TNT Sports at the Champions League final in Budapest when the news broke on Saturday morning — hours before Paris Saint-Germain retained their title against Arsenal.
"Not surprised. Gutted for Arne Slot because in his first year, he had done an incredible job," Gerrard said.
"Taking the reins from Jürgen Klopp, that was a tough task and big shoes to fill, and he had done it seamlessly. It's very difficult to win the Premier League, and I know that more than most. For him to deliver that in year one cannot be forgotten. He will go down in the history books and be remembered forever."
Gerrard was clear, however, that the second season left him with little cause for surprise at the outcome. Liverpool finished fifth in the Premier League with 60 points — a 25-point gap behind champions Arsenal — after a campaign defined by inconsistency and a style that Gerrard found increasingly difficult to watch.
"In the last ten games of last season and the majority of this season, we have not looked like Liverpool," he said. "The style — it has been difficult to watch at times. It looks disjointed, broken. When I got the news, of course, your initial reaction is surprise and shock, but when you analyse it properly, it's probably the right time in my opinion."
He was also emphatic that the decision had not been made in haste and that Slot's successor will already have been identified before the announcement.
"I would be very surprised if they made that decision and all of a sudden thought: well, who are we going to appoint next? Liverpool don't work like that. Liverpool are an organised machine. I'd be extremely surprised if the people who make the big decisions all of a sudden started from a few hours ago looking for a successor."
On Andoni Iraola, the early favourite to take the job, Gerrard was measured in his endorsement.
"Potentially, yes. I think he has done a fabulous job at Bournemouth. I think his style would suit Liverpool. But Liverpool Football Club is an attractive job for a lot of elite managers, so I don't think he will be the only name on the table. Because of the link to Bournemouth and the guys who have come from there to Liverpool at board level, they will know him very well. Potentially, I think he should be in the conversation, yes."
Slot departs with a Premier League title, a Carabao Cup final appearance and two successive Champions League qualifications to his name.