The Reds agreed a compensation deal worth £9.4m with the Dutch club in April after the 45-year-old was identified as the man to succeed Jurgen Klopp at Anfield.
Klopp, who had been in charge of Liverpool since October 2015, left the club following their season-finale win against Wolves on Sunday.
After the game, the 56-year-old German called on Liverpool fans to get behind their new boss, chanting "Arne Slot, na na na na na".
Slot's three-year contract at Liverpool will officially start on 1 June, subject to a work permit.
The Dutchman led Feyenoord to the 2022-23 Eredivisie title, while this season they have won the Dutch Cup and finished second in the league.
It is believed that the attacking style of Slot's teams, his personality and his ability to develop players were key factors in making him Liverpool's top choice for the job.
Slot took over as Feyenoord manager in 2021 and confirmed his interest in managing in the Premier League when he was linked with Tottenham in 2023.
Former Liverpool midfielder Xabi Alonso, who guided Bayer Leverkusen to their first Bundesliga title this season, was also linked with the position at Anfield.
But the 42-year-old Spaniard ended speculation in March when he said he would remain with Leverkusen for the time being.
Sporting Lisbon's Ruben Amorim was also reported to have been a contender to take over from Klopp, who announced in January he would leave Anfield at the end of the 2023-24 campaign.
Slot's route to Liverpool
A former midfielder, Slot spent his entire playing career in the Netherlands, making more than 100 appearances for both FC Zwolle and NAC Breda.After retiring from playing, he began his coaching career as a youth coach at PEC Zwolle before moving to SC Cambuur to become an assistant manager.
He moved to AZ Alkmaar in 2017 and stepped up to become manager two years later. In his first season in charge, they were second, level on points with leaders Ajax, when the Covid-19 pandemic brought the season to a premature end.
He was sacked in December 2020 when it emerged that he had been negotiating with Feyenoord.
Slot took charge of Feyenoord in the summer of 2021 and won the Eredivisie with the club in 2022-23 and triumphed in the Dutch Cup this season.
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