The decision to pursue Iraola was taken by FSG chief executive Michael Edwards and sporting director Richard Hughes, who determined that the club needs a more front-foot, aggressive style of football than Slot's measured approach delivered.
Hughes played a direct role in Iraola's career by appointing him at Bournemouth when the Spaniard arrived from Rayo Vallecano in June 2023 — a decision that produced two successful seasons at the Vitality Stadium, culminating in a sixth-place Premier League finish and Europa League qualification.
Slot was sacked on Saturday following a season in which Liverpool finished fifth in the Premier League and 25 points behind champions Arsenal, with 60 points their lowest tally since 2015-16. The decision was communicated to Slot before Saturday's Champions League final and announced the same day.
Iraola, 43, had already been linked with Crystal Palace, AC Milan and Bayer Leverkusen since announcing his intention to leave Bournemouth. Liverpool's entry into the picture has redirected each of those pursuits — Crystal Palace have since turned their attention to Lens head coach Pierre Sage, while Milan's interest is contingent on Ralf Rangnick's arrival as sporting director.
Sebastian Hoeness of VfB Stuttgart and Sage himself have also been considered, but Iraola's availability — he is out of contract and requires no compensation — combined with Hughes's pre-existing relationship gives him a decisive advantage. Liverpool will need to pay compensation to extract either alternative from their current clubs.
The club's target is to have the appointment confirmed before their players report for pre-season duty, with several first-team members — including Virgil van Dijk, Trent Alexander-Arnold and others — already on World Cup duty with their national teams.