Despite winning the League Cup earlier in the season, the Merseyside club have suffered a far from satisfactory campaign. Indeed in 2012, they have only recorded nine points from a possible 39 available.
They currently sit in eighth position in the table, behind local rivals Everton, and face the Toffees next weekend in the FA Cup semi-finals.
Their poor league form has seen Dalglish come in for criticism, particularly due to the performances of some of his signings.
The 61-year-old brought Andy Carroll to the club for a fee of £35 million, after Fernando Torres left Anfield for Chelsea, but the former Newcastle man has only managed three goals in the Premier League so far this season.
Other flops include the £20m men Jordan Henderson and Stewart Downing as well as Charlie Adam, bought from Blackpool for £5m.
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