Gabriel Jesus has recently been confirmed as an Arsenal player, the Gunners agreeing to pay £45m for the Brazil international.
If reports are to be believed, that has left the future of Sterling to be resolved, the long-serving Englishman being heavily linked with a switch to Chelsea for a number of weeks.
According to The Telegraph, there is now every expectation that a deal will be completed over the coming days.
The report claims that Chelsea have agreed to hand the 27-year-old a pay-rise on his terms at City, the wideman in line to receive in the region of £300,000 per week.
Furthermore, that will make Sterling - who will pen a long-term contract at Stamford Bridge - the club's highest-paid player.
While the two teams are yet to fully agree on a fee, the report adds that could follow within the next 24 hours, effectively tying up Sterling's return to London.
Sterling grew up in England's capital, his development taking place in the Queens Park Rangers youth setup before he made the switch to Liverpool in February 2010.
If, as expected, a transfer is made official over the coming days, Sterling will become the first signing under the ownership of Todd Boehly.
Acquiring the services of Sterling will represent somewhat of a coup for Chelsea with the England international having contributed 13 goals and five assists during his 30 top-flight appearances last season.
Sterling will end his seven-year association with City having made 339 appearances and collected 10 pieces of silverware, including four Premier League titles.
Providing that the transfer is completed within the next 48 hours, Sterling could travel with the rest of the Blues squad to the United States for their pre-season tour. body check tags ::