Gerrard was on loan at Blackpool earlier on in the season but an injury forced him to end his short time at Bloomfield Road. Horsefield who has also been on loan this season may make a permanent move to now League 1 side Scunthorpe.
Meanwhile some academy and reserve players have been told wether they are wanted. James Ashmore, Martin Donnelly, Stephen Hernandez, Lloyd Kerry and Dean Oliver have all been released by the club.
Adam Chapman and Kyle Walker have been given pro contracts by the club whilst Ryan Cresswell and Liban Abdi will remain with Sheffield United.