From the time, I have started watching:-
----------------Fowler---------Owen-----------------
----Suarez-------------------------------Gerrard----
----------------Alonso--------Hamann---------------
Aurelio--------Agger----------Hyypia-----Johnson
--------------------------Reina-------------------------
Pepe picks for himself. No other goal-keeper we have had in the last two decades come close to him. Sami is our best defender since Hansen. It was tough to choose between Agger and Carra as Carra is a club legend while has been a great servant for us. But, I think Agger is a a better player. It was between Riise and Aurelio for the left back spot, but Aurelio when fit was magnificent. For the right back spot, It was very tough. On one hand, you have one of the most consistent players under Rafa in Finnan, then you had the rock solid Arbeloa and then Glen who is an absolute monster of a wing back. With Gerrard in there as the right winger, I think someone like Glen would be perfect as he can create space for Gerrard to exploit.
In midfield we have had some great holding midfielders like Didi and Mascherano while Lucas has been great in the past couple of seasons as well but couldn't look past Didi. A better overall player than Mascherano and had longevity unlike Lucas. The creative central midfielder role was easy really. Alonso used to be my favourite player and very few could do what he did.
The wings are fuckin' pain in the arse. We have not had a good winger probably since Macca left. And, I never managed to watch us play live when Macca was with us. So, It rules him out. Gerrard out wide in 2005-06 season still remains my favourite Gerrard season and the best season from a wide-midfielder. On the other side, I had to pick Luis. He has been with us for only two years but he is a genius with the ball at his feet. Pulls off stuffs which are absolutely ridiculous. The sheer thought of him combining with Alonso, Fowler, Owen and Gerrard is wankworthy.
Up front we have had some top strikers. God, Owen and Torres. Didn't manage to watch Fowler at his peak live but I saw him during his last few years and under Rafa. While he wasn't the same striker he used to be in his peak, he was still good. And, We would need his super natural power against the corrupt bastards of The FA. The other striker was incredibly tough to pick. While Torres was more complete, Owen at his peak was absolutely magnificent. Won us games and trophies unlike Torres. Ultimately it had to come down to the fact that Owen compared to Torres was more suited to play alongside another striker. So picked Owen.