Slater will name a 20-man squad for Origin II on Monday morning, but AAP has been told Tom Dearden will replace Cherry-Evans in the No.7 jersey in Perth next Wednesday.
Beau Fermor is the other player dropped after the Maroons' series-opening 18-6 loss at Suncorp Stadium, with Kurt Capewell set to replace him.
Kurt Mann is then expected to take Dearden's spot on the Maroons' bench, after acting as 18th man in game one.
Notably, Slater has also called Ezra Mam into the Maroons' extended squad, just three games into his return from a nine-match ban for drug driving.
Mam is not expected to be part of Slater's 17, and will need scans before entering camp after injuring his knee in Brisbane's win over Gold Coast.
Canberra prop Corey Horsburgh will also act as a reserve after missing out on a spot in the pack, while Melbourne centre Jack Howarth is also in the 20-man group.
The Maroons are also confident prop Tino Fa'asuamaleaui will be fine to play, despite suffering a knock in the Titans' loss to Brisbane on Saturday and requiring pain-killing injection to his sternum at halftime.
The call to leave Cherry-Evans remains one of the most seismic in recent memory from either state.
He has been the Maroons' first-choice No.7 and captain since 2019, taking Queensland to three series wins, including their incredible 2020 effort.
The 36-year-old has, however, come under fire since the Maroons' loss in Origin I - their second straight defeat at Suncorp Stadium.
Queensland has previously dropped Trevor Gillmeister when he was captain in the 1990s.
NSW last year made the call to drop James Tedesco for Origin I, before recalling him through injury and then leaving him out again for game two.
But neither state has decided to drop a captain from their side midway through a series this century.
Cherry-Evans' omission is even more significant considering only Wally Lewis, Darren Lockyer and Cameron Smith have captained more Origins for their state.
Dearden has won two of four games starting for the Maroons at five-eighth, partnering Cherry-Evans last year and in the 2022 series-deciding win.
Queensland lock Pat Carrigan said he believed the North Queensland playmaker would be ready for the challenge.
"I played with Tommy when he debuted (for Brisbane) and his competitive nature hasn't changed," Maroons lock Carrigan said.
"He is playing great footy for the Cowboys, and you put him in a Queensland jersey and he just grows to another level as well.
"Whether it be Chez or it be Tommy, I know they can get the job done and we are going to need them to."
Carrigan also spoke highly of Cherry-Evans.
"Chez has done a lot for me not only as a footballer with advice but as a friend too. I love playing with him," he said.
"He is a great man with great values and I know all the boys really appreciate him a lot too.
"The big fella's footy speaks for itself. I know what the boys think of him and how Queensland rugby league thinks of him as well."
EXPECTED QUEENSLAND SQUAD FOR STATE OF ORIGIN II
Kalyn Ponga, Xavier Coates, Robert Toia, Hamiso Tabuai-Fidow, Valentine Holmes, Cameron Munster, Tom Dearden, Tino Fa'asuamaleaui, Harry Grant, Moeaki Fotuaika, Reuben Cotter, Jeremiah Nanai, Pat Carrigan, Kurt Mann, Lindsay Collins, Kurt Capewell, Trent Loiero, Ezra Mam, Jack Howarth, Corey Horsburgh
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