Liverpool are still title contenders, meaning they are not yet officially crowned champions as the title race is still ongoing. Liverpool are currently still at the forefront, but that doesn't mean they can relax with the points advantage over Arsenal.
Arne Slot must divide his concentration for EPL and UCL, he must be able to manage the team in order to win both prestigious trophies. Arne Slot will rotate in several positions when facing Southampton in order to maintain the fitness of the players when facing PSG.
Yea they are contenders as you said no doubt but with the look of things and how events are unfolding in the English premier League it looks very obvious that Liverpool will lift the trophy this season, there's no doubt that the competition is on but you'll also agree with me that the teams that would have been obstacle for Liverpool aren't doing well, Liverpool is currently toping the league table with much points, their points difference against arsenal which are on the second position is 13points, I wouldn't be mentioning others because it is already a disaster, if you should look at the play pattern of Liverpool recently, do they look like a team that want to create an avenue for lapses at this stage of this competition, i think the answer is no for me.
The Liverpool we know will not be dashing any opportunity to any team at this critical moment, as for Liverpool manager being able to balance the two very important competitions they are into which you've mentioned, I think this is time for the real thing, is time to show more seriousness but with there continued good performance, i see them moving to the next stage in the champions league, the encounter between them and Southampton is likely to be a workover for Liverpool, nothing is gonna deprive them the 3 points in that match.