I think there is room for Aqua in the squad.
If we play with a 3 man midfield, i'd say Lucas and Spearing will stay in the squad as defensive midfielders. The 4 other midfielders could be Henderson, Gerrard, Adam and Aquilani.
Henderson could provide cover on the right if needed and Dirk could provide cover as centre forward. Suarez is capable of playing as a wide forward, goalkeeper and centre forward, Downing can play wide or as cover for the central midfield. Maxi can cover the wide forward positions or attacking midfield. It really is very versatile and provides a range of options.
That leaves big question marks over the futures of Raul, Ngog and Poulsen, and leaves opportunities to go on loan for Shelvey and Pacheco.
If he is prepared to be a squad player then he would be a great option to have in the squad.