I heard this too - http://www.not606.com/showthread.php/45247-Next-Seasons-Targets?p=395896#post395896
There was an article around the time FM2011 was released about the accuracy of the database. At least one PL club (I think it was Everton) use it as their first level of scouting to make a list of players to watch before sending scouts out to foreign countries.
I'm a bit old for video/computer games, but my son's never off FM and when we're linked with a player I ask him what he knows about him and he often knows a lot, the player valuations and wages seem remarkably accurate. Jamie Ward is a name that's been mentioned a few times, but it seems unlikely, he only signed a permanent deal with derby this week.
according to the bbc derby fella's twitter, after signing the permanent deal with derby the other day, ward said he turned down more money from hull.
I use soccermanager.com and recommend it to anybody as its free and you can usually pick up a Hull team in the topflight.