Reports state Slot is set to remain in Merseyside despite mounting pressure and reported interest from Dutch giants Ajax in recent weeks.
Many fans have questioned the club’s long-term direction after a season that revealed huge cracks in the Liverpool side both mentally and physically.
Liverpool will likely return to the Champions League next season but have gone trophyless this season under Slot whose future is uncertain despite winning the title last season.
Despite this, speaking to BOYLE Sports, who offer the latest Premier League odds, Dixon believes that Slot deserves one more season to prove any doubters wrong.
“The pressure on Slot is the price you pay for being at a big club like Liverpool. He's obviously had success, and then it's only human nature to expect the same result the following year. And we know that that's so difficult.
“It's only really Man City that have, in recent years, been able to do back-to-back, and it's very, very difficult when you've got that target on your back.
“Especially the start of the season, losing the players they did, and then signing the four or five players that came in, there are lots of factors that go into why they're not succeeding.
“Xabi Alonso is there in the background but I do think Slot has earned the right to get another year at it. I think if they got rid of him after winning the league and then not having a brilliant year for the reasons we've just said, and then got rid of him at the end of this season, it would have been a bit harsh, but football's tough.”
Slot remains under contract until 2027 and if he does secure Champions League football, the board are likely to back the Dutchman who will aim to rebuild the side in the summer window.