VMware Player does not have a clone option. The product is designed to be a simpler version of VMware Workstation so it does not have many features that are found in Workstation.
However, cloning a VM manually is not that difficult. Googling "vmware player clone" gave me several hits, the first one is this: http://aztcs.org/meeting_notes/winhardsig/virtualmachines/vmware/Cloning_VM_in_VMwarePlayer--Windows.pdf
The overall process is:
- Copy the VM directory to a new directory.
- Launch VMWare Player and load the new VM (.vmx file) from it.
- Edit VM properties to rename it.
- Start the new VM. When prompted, select "I have copied the VM". VMWare fill fix everything else.