Liverpool will announce Arne Slot as manager this week

Liverpool are set to announce Arne Slot as their new manager this week.

The Merseyside club have reached a £9.4 million ($11.8m) compensation agreement with Feyenoord for the 45-year-old.

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Jürgen Klopp brought an end to his 8 1/2 year reign at Anfield on Sunday, bowing out with a 2-0 win over Wolves to lead Liverpool to a third-place finish in his final season at the club.

The German manager led a chant for Slot during his his farewell speech at Anfield after the game.

"The new manager, I want you to sing his name," Klopp said. "Arne Slot, na na na na na! When the next season starts, go full throttle into it with the new manager. When you start, you keep believing. Don't stop believing."

Last week, Slot announced that he would succeed Klopp at Liverpool.

"I can confirm that I will become the trainer there next year," Slot told a news conference on Friday.

Sources told ESPN that Slot will make Sipke Hulshoff, his assistant at Feyenoord, the first appointment to his backroom staff at Liverpool.