The 27-year-old Italy international, who has become a cult hero at Anfield despite his lack of playing time, missed the cut as only 17 homegrown players are allowed on the list.
Exciting teenage forward Rio Ngumhoa has been selected instead.
Chiesa struggled for fitness and form in his maiden campaign after joining from Juventus a year ago and has managed just 29 minutes this season, although he cemented his cult status by coming off the bench to score an important late third goal in the 4-2 win over Bournemouth on the opening day.
On Tuesday Italy coach Genarro Gatuso said he spoke to Chiesa about a recall for this international break and the player told him "he did not feel ready to return, he wants to be 100 per cent".
Slot has named a squad of 22 - each team can name a maximum of 25 on their main 'A' list but at least eight places must be reserved for locally-trained or homegrown players.
An unlimited number of players can be included on the 'B' list due to their age and club-trained status.
However, despite his age Ngumhoa does not qualify for the B list as, according to UEFA regulations, in order to qualify he had to have been eligible to play for Liverpool for two consecutive years since his 15th birthday and he was only signed from Chelsea last summer.