After Slot had been shown a red card, his assistant Sipke Hulshoff was also dismissed, meaning former Everton defender John Heitinga is set to lead Liverpool against Wolves.
The Premier League said in a statement: "Liverpool head coach Arne Slot was dismissed at the end of the Merseyside derby for using offensive, insulting, or abusive language.
The Liverpool boss approached the referee after James Tarkowski had scored a 98th-minute equaliser for Everton and shook his hand, but was shown a straight red card.
Arne Slot has been handed a two-man touchline ban for his comments to Michael Oliver after the Merseyside derby.
Liverpool were furious that Tarkowski’s dramatic equaliser stood following a lengthy VAR review, as they argued Ibrahima Konate had been fouled in the box.
