Manchester City, who beat the Reds at the weekend, are now just four points behind Arsenal, while reigning champions Liverpool sit eight off the pace after what was their fifth defeat in six games.
Liverpool have lost four away games in succession for the first time in 13 years and have conceded 17 goals in their 11 league matches. To put it simply, after mass spending, Liverpool have been dire this season and have struggled to find consistency.
Speaking to Betfair, Shearer believes that Slot’s side will go trophyless this season, which would have been laughable before the start of the campaign.
“If Liverpool continue to play like they did against Manchester City, then they won't win anything.
"They'll get dumped out of whatever competitions they're in. They've got the FA Cup and the Champions League, but I do think the Premier League's gone for them now they've lost five games.
“I don't see them being in a title race now. I think they would have to probably win every single game between now and the end of the season. I don't think that's possible. So, I think their title race is done.
“It's the Champions League or the FA Cup for Liverpool, but they won't be winning any of those unless they improve anyway.”
The champions were knocked out of the League Cup by Crystal Palace last month and have lost seven of their last 10 games in all competitions. Consistency is key to winning the title, and Liverpool are far from that this season.
Liverpool next face Nottingham Forest, West Ham, Sunderland, Leeds United and Brighton. If Slot wants to stay in the title race with City and Arsenal, he must pick up three points in these games or face dropping out of the running before the Christmas break.