Manchester City manager Manuel Pellegrini has claimed that the reported £49m fee the club paid for Raheem Sterling is not "the most important thing".

The former Premier League champions were successful in their third bid for the 20-year-old, who signed a five-year contract on Tuesday.

The big-money transfer has made the former Liverpool star the most expensive English player in history.

During a press conference in Australia, Pellegrini told reporters: "Well the price is so difficult because is it a real price or not? I think it will depend on the performance of the player over the next years. Every time you want to meet a player, the price is high.

"I think it was important to make a bid and have the necessary players. After that there are so many things to analyse. I repeat the price is not the most important thing. The most important thing is choosing the player you think that you need. After that it depends on what they can do.

"But he can play as a centre-forward, he can play on the sides of the wings. He is a very young player and he has a lot of things that he can improve but for him he has a new challenge in our team. He will be playing with great players. He can improve his game and improve us as a team."

Sterling has been ruled out of Saturday's pre-season friendly against Melbourne City.