Sterling grew up in north west London having kick-started his career at Queens Park Rangers with their stadium situated just a mile away from the scene of the incident.
And the Manchester City ace said the situation is 'close to his heart' and he looks to help those affected.
Speaking to the BBC, he said: “This is a deep and sad situation, one that's close to my heart and hard to swallow. I would like to help in the best way I can.
“It is only a small step, but small steps lead to big changes if we all come together.
“My condolences to the affected families, also the individuals who lost their homes."
BBC reporter David Ornstein also revealed how the England international will make a “substantial donation."
In a tweet he wrote: “BBC understands Man City and England footballer Raheem Sterling is set to make a substantial donation to those affected by Grenfell Tower fire."