Eros Grezda has already left for former club Osijek while on-loan Leicester City midfielder Andy King has returned to his parent club.
American utility man Matt Polster has also been slated for a departure along with Greg Docherty while Glenn Middleton, who had a largely unsuccessful loan stint at Hibs in the first half of the season, could head out again on a temporary basis with both Ross County and St Mirren said to be interested in the former Norwich City youngster.
But Gerrard has teased fans that there could be one arrival.
Speaking to Sky Sports, he said: "We've got things bubbling away in terms of players going out on loan to play football.
"I think that echoes and back up what Ross [Wilson, Sporting Director] has said about trimming the squad. We have to be fair to players who haven't played as much but are training well, being professional and doing everything.
"We're just overcrowded in terms of numbers, so we'll be respectful and try and get them the right move so they can go and play football.
"I think, come the end of January, you'll probably see three or four [leave]. And, depending what happens in terms of those three or four, maybe add one.
"But there won't be much activity in terms of incomings, that's all I can say. I don't want to give names, but there will be ins and outs."