While Liverpool's transition from the Juergen Klopp era had appeared seamless when they began the season with three league wins without conceding a goal, they are now looking to put behind Saturday's stunning 1-0 loss to Nottingham Forest at Anfield.
Eyeing a seventh European crown, standing in Liverpool's way are seven-time winners Milan. The Italian side have not been in their best form in Serie A and are languishing mid-table with five points from four matches. But Paulo Fonseca's side remains a formidable side.
"I don't think any manager is scared to play the other team but we have a lot of respect for AC Milan," Slot told reporters ahead of Tuesday's clash.
"They have quality, we're not scared, but we respect all their players. They have shown that they are in good form, with a very good 4-0 win (against Venezia in Serie A on Saturday).
"Scared is not the word we would use. We respect a lot."
Liverpool's new signing Federico Chiesa will likely not start against Milan, Slot said while heaping praise on the 26-year-old Italy forward.
Chiesa is yet to play for the Merseyside club, having joined in the close-season transfer window from Italian giants Juventus.
"Why we brought him... I bring in quality players and I believe he is. Combines quality with work rate and the culture of this club, this team, he brings that with combinations of several positions," the Dutchman said.
"He is with the team, and since I said it is the first time he is here, it would be a big surprise if he starts tomorrow... But he will make some minutes if we need him.
"He's had some training time and too early to play 90 minutes, but hopefully some minutes in the upcoming fixtures."
Liverpool's Brazilian goalkeeper Alisson Becker is excited to play in the Champions League as the club returns to the competition after a season's absence.
"Imagine something you really like to do and then you don't do it for a year, how much you'd be looking forward to doing it again. That's the way we feel," Alisson, who helped Liverpool win the tournament in 2019, said.
"Playing in the Champions League is one of the reasons I came to Europe from Brazil. Not playing in it last season was really hard.
"But here we are again, qualifying from a really difficult league in the Premier League."