Towards the end of the season, search the player database for players whos contract is almost expired. Instead of "make offer" it says "approach". You can now offer them contracts and pay nothing to the team if they except (although sometimes theres compensation of a few 100k).
I just signed:
Glen Johnson
Lassana Diarra
Fabrice Muamba
Sergio Peter
Edmilson
and i could have snapped up Fernando torres and gianluigi buffon if my cheapskate board would give me a higher wage budget.
Even if you dont want them, a lot of them are worth signing so you can sell them and get a heap o' cash.
Gerrard's contract runs out at the end of the season. Im keeping an eye open. If liverpool fail to negotiate then im in there!