Liverpool's owners, Fenway Sports Group (FSG), find themselves at a familiar crossroads. The reigning Premier League champions are spiraling, fan frustration is boiling over, and the burning question is: what to do about head coach Arne Slot?

Slot, once hailed as the steady hand to succeed Jürgen Klopp, has lost the support of many fans. Former Liverpool and England midfielder Danny Murphy didn't mince words when speaking to BBC Sport, calling it a "conundrum" that he believes will end with the Dutchman's exit within months.

For now, FSG isn't publicly waving the white flag on Slot. But the noise from the stands is growing louder—and harder to ignore. Saturday's 1-1 draw with Chelsea at Anfield was played out in an atmosphere of rare toxicity, with the Kop's patience wearing thin. Already, whispers of Xabi Alonso's return are circulating among the faithful.

Murphy sees Slot's departure as a matter of "when," not "if." "Slot has won a title, which Brendan Rodgers didn't do," Murphy noted. "On the surface, it makes more sense to stick with him. And I strongly feel it's unfair to say he only won with Klopp's team—that's just not right."

Yet, the former midfielder knows the weight of the Liverpool badge. "The problem Slot has, especially at one of the biggest clubs in the world, is that when the fanbase turns, you're really struggling to get them back—unless you win every game, and not just win, but win in the style Liverpool fans expect and demand."

This season, Murphy points out, Liverpool has looked reactive at home. "Fair enough, it's different away from Anfield, but at home you expect Liverpool to be going after you, not giving you time to breathe. Too often, it's not been like that."

Drawing a parallel to the Brendan Rodgers era in 2015, Murphy warns FSG against repeating past mistakes. "What you're doing then is taking the huge risk of banking on starting next season amazingly well, with everything going brilliantly. I think that's unlikely, especially with the current trajectory."

As the season wears on, all eyes are on FSG's next move. Will they back Slot and risk further discontent, or pull the trigger on a change that many feel is inevitable? One thing is clear: at Anfield, the clock is ticking.