Liverpool have suffered a number of dire results in the Premier League, including the recent 3-2 loss to Bournemouth, have pushed the Reds out of the Champions League places.
Slot’s side have yet to win a league game since the turn of the year and pressure is still mounting on the Dutchman despite the recent 6-0 win over Qarabag.
Gerrard is currently watching on from afar after leaving Saudi Pro League side Al-Ettifaq last year and many reports have linked him with replacing Slot alongside former Real Madrid manager Xabi Alonso.
Now, speaking to CasinoBeats, Hamann has admitted that Gerrard taking over may not be a bad idea and nobody knows what the future holds.
“I don't think Steven Gerrard coming in is out of the question. Sometimes you have to think out of the box, and he's not got a job at the moment.
“The manager is under pressure. It can change on a daily or a weekly basis at Liverpool at the moment. If you had told me there is a chance that Slot won't be there at the end of the season, at the start of the season I would have said not in a million years.
“Now it's come to a point where you go, well actually maybe it has to happen, which I didn't think was possible. This just goes to show how quickly things can change in football.
“I think Gerrard to Liverpool has got its charms, I have to say. It depends on what happens in the next few weeks.”
As pressure grows on Slot, more reports will link managers to replace him and only time will tell as to whether Gerrard will be top of that list.