A Bosman transfer allows a player to leave at the end of his contract. Passed in 1995 by the European Court of Justice, several high profile players have since moved on for free, including Edgar Davids and Steve McManaman.
Considering that times are tough, and money is scarce. Everyone is tightening their wallets, and searching for bargains; even EPL clubs.
Although some clubs don't know what financial hardships mean, most clubs are feeling the effects of the faltering global economy.
Clubs also feel the wrath of the hyper-inflated fees for mediocre players. Every club is willing to pinch every single penny for their in-demand player in order to generate the most profit, proving that Harry Redknapp and Steve Bruce aren't the only wheeler-dealers in the business.
Clubs will be looking to acquire the most talent for the least price, also referred to as the value-menu strategy.
Here is the list of 10 players who will be available on a free transfer when the transfer window opens up on June 1st, 2011.
In January, John Carew joined Stoke until the end of the season.
As stated in the EPL rule book under M.6 7.2, "During the period of the Temporary Transfer of his contract registration a Player shall not play against the Transferor Club."
However, on April 23, 2011 Carew would have been eligible to play against his parent club had he made the lineup.
Aston Villa canned Carew's contract, which left him playing on a season loan deal with Stoke. With nowhere to return to at the end of the season, Carew is up for grabs.
At 6'4" and only 31, Carew fits Stoke's modus operandi of playing to a target man. Tony Pulis will surely jump at the chance to land this established attacker.
Current Club: Stoke
Most Likely Club: Stoke
There is some dispute as to Almunia's actual contract length.
In 2008, Almunia signed a long-term contract; however, details of the length were not made public. It was believed that Almunia signed on until 2012, but there has been no definite consensus.
Almunia has mentioned the remaining year on his contract, while Gunners insist that his time is up. While it is wishful thinking on at least one side's part, Almunia will most likely depart this summer.
If he does not leave on a free transfer, I'm sure his fee won't be over £1 million. Which in my opinion is £1 million too much.
Current Club: Arsenal
Likely Club: The only club that Eric Djemba-Djemba could gain minutes at, Qatar SC.
Sebastian Larrson has been speaking about his desire to join Newcastle United since the start of the season. Larrson might get his desired move, as Newcastle seem to have a serious interest in him.
A great dead ball specialist, Larrson lacks speed and pace in the attack. Despite his lack of speed, Larrson would be a great addition to any mid-table club.
This transaction seems rather straightforward, and with Larrson out of contract, Newcastle are highly likely to acquire the services of Larrson.
Current Club: Birmingham City
Most Likely Club: Newcastle United
Type in Jonathan Woodgate's name into the database, and the only pictures of him playing in matches are from 2009.
A good player on his day; however, it has not been Woodgate's day for a couple of years now.
I don't see any club willingly picking up this liability, despite being available on a free transfer.
Current Club: Tottenham Hotspur
Most Likely Club: His couch
Rob Green, despite what some think, managed to have a decent season given his circumstances at West Ham.
He may be prone to some careless mistakes, but more often than not he has saved West Ham from being in even worse condition than they are now.
At only 31, Robert Green has a few more years in him. With Green out of contract in the summer, and seemingly intent on remaining with the Hammers, a host of clubs will be interested in the England shot-stopper.
Current Club: West Ham
Most Likely Club: Aston Villa
Similar case to Woodgate, aside from his one appearance for five minutes earlier this year, Hargreaves cannot be found in EPL action since 2008.
It's a shame Hargreaves will most likely never feature for the Red Devils. A real talent when he was fit, Hargreaves has not been able to recover from injuries since his £17 million transfer to Manchester United.
There aren't many clubs who will be willing to land Hargreaves' signature, despite the free transfer. Manchester United also don't seem to be willing to continue waiting around for their crocked midfielder to come good.
Current Club: Manchester United
Most Likely Club: Toronto FC
Charlie Adam has been the Blackpool player catching all the headlines.
But David Vaughan has been the spark-plug that keeps the Adam engine going.
A tough tackling, great passing, box-to-box midfielder, Vaughan is a true battle tested player. Currently there are not many midfielders with Vaughan's all around ability, which make landing the 28-year-old Welshman for free even more attractive.
Current Club: Blackpool
Most Likely Club: Stoke/ Bolton
Johan Elmander showed impressive abilities earlier this season. He propelled Bolton to new heights with some inspirational performances, but has since cooled down.
Having delayed contract talks all year with Bolton, it is highly unlikely that Elmander will stick around the Reebok.
Current Club: Bolton
Most Likely Club: Liverpool/ Juventus
It's not so much a question of if but when for West Ham's future in the Championship. Unfortunately West Ham has no Carlos Tevez this time to rescue them from the drop.
Having worked so hard to establish themselves as a formidable club with the addition of key players, West Ham is certain to face a massive exodus of current players.
Leading the charge will be captain Matthew Upson. Upson may have his critics at times, but he is still a relatively decent center back and would make a great addition to teams lacking leadership and a spine.
Current Club: West Ham
Most Likely Club: Arsenal
At one time Michael Owen was regarded as the future of English football. However, that was back prior to 2004 when he was lighting it up at Liverpool.
An unsuccessful stint at Real Madrid, followed by a lackluster Newcastle cameo, than a handful of Manchester United appearances, have failed to get Owen anywhere near the pinnacle of his early career.
Owen is not as useless as Hargreaves, but he still a gamble nonetheless. United are in the process of rejuvenating their squad, and Owen is not a vital part of that process.
Unfortunately I can't see any other clubs queuing up for Owen's signature, unless of course it is to stir the pot.
Current Club: Manchester United
Most Likely Club: Everton. However, don't rule out Owen submitting a transfer request for Jonathan Woodgate to make some room on his couch, which seems far more likely.