With just days to go until the summer transfer window slams shut, the Alexis Sanchez saga has taken another twist according to reports on Tuesday.
The Gunners are also understood to be interested in Kun Agüero, but for the moment the Citizens are adamant the Argentinian striker is not for sale.
Sanchez saga rumbles on
Since January, efforts to tie down Sanchez to an extended deal have been fruitless, with less than 18 months initially remaining on his existing contract.
As the summer has approached, with Arsenal's talisman growing increasingly disillusioned under Arséné Wenger with his side dropping out of the Champions League places, the 28 year-old former Udinese and FC Barcelona forward has demanded a new weekly wage upwards of 300k per week.
With Arsenal refusing to bow to Sanchez' demands, Wenger has maintained the Chilean will not be sold, but after Sunday's 4-0 mauling at Anfield and with Alex Oxlade-Chamberlain set to leave for Chelsea, is there finally appetite to cash in on Sanchez?
It is unclear as yet how much any deal between Sanchez and Sterling will come to, but with calls for heavy investment to made in North London before the window closes, a deal remains a distinct possibility.
Sterling, 22, was a former QPR youth player, before making the £5m switch to Liverpool in February 2010.
Going on to form part of The Reds' potent attacking line up consisting of Daniel Sturridge and Luis Suárez, the England international's rise saw a £49m move to the Etihad Stadium in July 2015, following a contract dispute with Liverpool.
Since moving to Manchester to Merseyside, Sterling has scored 15 goals in 67 appearances. This season the player has been reduced to substitute appearances, however has scored the crucial goal in their last two outings for Pep Guardiola's side, including this weekend's dramatic win at AFC Bournemouth.