The British record signing has been sidelined since mid-December when he fractured a bone in his lower leg and needed ankle surgery following a sliding tackle from Tottenham's Micky van de Ven.
His injury came just as 26-year-old Sweden international Isak, who joined Premier League champions Liverpool for £125 million from top-flight rivals Newcastle in September, was finding his form at Anfield with two goals in six matches.
"Alex has been on the pitch, not with his football boots but with his running shoes for the first time this week," Slot told reporters. "The next step is doing work with the ball, which every player likes most, then the next step is to come into the group and then it takes a while before you're ready to play. It will be some time around there, end of March, start of April, where he is hopefully back with the group".