Kenny Dalglish has been discussing his future at Anfield with Liverpool owner John W Henry, following a disappointing season for the Reds.
The Scot led Liverpool to their first trophy in six years with a triumph in the final of the Carling Cup, while they also lost out to Chelsea at Wembley in the FA Cup.
But Liverpool's league form has fallen under greater scrutiny, particularly following significant investment last summer, and the Reds recorded their lowest finish for 18 years.
Liverpool also ended the season with the fewest wins and lowest points total since 1953-54, and 47 goals in the league was the least they have managed in two decades.
Dalglish held talks with Fenway Sports Group officials, alongside assistant Steve Clarke, in Boston on Monday and the dissection of the season continued into Tuesday. The management duo have since returned to the UK.
Rumours have circulated on Twitter that Dalglish has been sacked by FSG, particularly after the refusal of a Liverpool spokesperson to comment on the future of the 61-year-old.