While goalkeeper Alisson’s absence will be a blow for Liverpool, it is the other new additions who worry Hargreaves.
Florian Wirtz was among the big-money signings in the summer for £116m and Hargreaves believes Slot is trying to force too many midfielders into the side.
“They were so good last year, they looked like they should blow everyone away,” said TNT Sports expert Hargreaves.
“This year, they have signed some really good players, but Wirtz, when you pay that money, you try to get him in.
“But actually, that midfield three was the best in the league last year. You couldn’t get better than (Ryan) Gravenberch, (Alexis) Mac Allister and (Dominik) Szoboszlai.
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Florian Wirtz of Liverpool reacts
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“All of a sudden, you spend that money on Florian and you’ve got to play him really.
“They’ve tried to get him in, and then Szoboszlai has played at right back, and I just think the balance is off.
“(Ibrahima) Konate has made a few mistakes, which we didn’t see last year.
“I just think it’s a balance issue. They’ve got two new full-backs; the addition of Wirtz, (Alexander) Isak.
“You’ve got to think that they’ve got so many great players. It goes back to the Arsenal-Arteta thing; you’ve just got to get the balance right on the game.”
Liverpool still sit top of the Premier League despite the defeat at Selhurst Park at the weekend, leading by two points from Arsenal.
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Slot confirms Alisson out for Chelsea match – ‘When my player is down, I fear the worst’
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They had started the season with seven successive victories, several of them secured by last-gasp goals.
Hargreaves says that is further cause for concern, as it shows they are yet to hit peak form.
“They’ve been fortunate to win the amount of games they have,” he continued. “Pretty much every one of them was in injury time, except the Szobozlai one, the free-kick, against Arsenal.
“The rest of them were later than that. They were 90-minutes plus. They were getting away with it because they had top players.
“Actually, it shows. The Palace game at the weekend; they could have lost 6-0. Alisson; if anybody else was in goal, you’re losing four or five.
“Arne has done an amazing job with that group, but he’s just going to have to tweak it to being defensively solid and then let the boys at the top of the pitch go and win you the game.”