Adrian Morley will play on for Salford in 2015 but has handed the captaincy to team-mate Harrison Hansen.
Morley is the oldest player in Super League but he has missed only two of the Red Devils' 26 matches so far this year.
The club has confirmed that he is to play on beyond his 38th birthday next May, but he will combine playing duties with that of general manager in 2015.
"I can confirm that Adrian Morley will have the dual role of general manager/player for 2015 and Harrison Hansen will be the team's captain," Salford chairman Marwan Koukash said.
Morley, the most capped England and Great Britain player of all time, began his professional career with Leeds in 1995 and had a successful six-year spell in the NRL with Sydney Roosters before returning to Super League with Warrington in 2007.
He led the Wolves to Challenge Cup final glory at Wembley three times in four years and captained them in last year's Grand Final at Old Trafford before completing a move to his home-town club.
Meanwhile, Salford have announced the signing of prop forwards Luke Menzies, 26, from Championship club Swinton, and Australian Matt Groat, 22, who is currently with NRL club St George Illawarra.
Menzies began his career in the academy set-ups at both Salford and Bradford, before signing for his home-town club Batley and had a brief spell in Super League with Hull KR in 2007.
Groat won representative honours with the Australian Schoolboys Junior Kangaroos before joining Wests Tigers in 2011 and moved to St George last September on a one-year contract.
"We are delighted to have signed Luke Menzies and Matt Groat," Koukash said. "They're both great new recruits for the club and will add to the base of young talent we are trying to build.
"Matt Groat has real raw talent and has already gained a lot of experience at a young age. He's dying for a chance in British rugby league and we're happy to be the club to provide him with that."