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His comments come after former Liverpool striker Michael Owen claimed only winning the title would not be enough this season.
Owen spoke after they were dumped out of the Champions League by Paris Saint Germain and surprisingly lost the Carabao Cup Final to Newcastle in successive games.
Liverpool then produced a shambolic defensive display as they lost 3-2 at Fulham on Sunday to slam the brakes on their procession to the Premier League in their third defeat in four games.
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Thompson feels it is wrong to say Liverpool are only 11 points clear because Arsenal and Manchester City have been so bad.
The former Liverpool captain and assistant manager insists Slot’s side are not getting enough credit for everything they have achieved in the Premier League and their title success will only be their second in 35 years.
Thompson claims it is phenomenal to lose only two league games in 31 and the Reds are the Premier League’s top scorers with 72 goals.
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“I think a lot of people do a disservice to this Liverpool team and say they’ve only done well because other teams have fallen away,” he told Mirror Sport.
So what they’ve done by this stage is phenomenal.”
Thompson feels Slot’s work is all the more laudable because he has used the squad he inherited from Jurgen Klopp last summer.
Thompson, who was No.2 to Gerard Houllier from 1998-2004, claims Slot has proved to be a great coach because he has made good players better.
The likes of Luis Diaz and Cody Gakpo are having their best seasons with Liverpool, Mohamed Salah is reborn, while Ryan Gravenberch has been arguably Slot’s biggest success after being converted into a No.6.
Phil Thompson during his time working with Gerard Houllier as Liverpool's No.2(Image: Getty Images)
“It’s amazed me what Arne Slot has done,” he said.
Hasn’t it changed?!
"Arne Slot is a good manager and a good coach and he’s about how much better can you make players?
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