However, the England star's £300,000-a-week wages mean that he is well out of Arsenal's budget.
Unless Sterling is willing to take a sharp salary cut, he is unlikely to pitch up at the Emirates Stadium in an Arsenal shirt next term.
Sterling, for his part, has indicated he may be willing to leave Manchester City in an interview in October.
"If there was an opportunity to go somewhere else (for more game time), I would be open to it at this moment in time," Sterling told the FT Business of Sport US summit in October.
"As I said, football is the most important thing to me - challenges that I have set myself from a young age and dreams as well, to play abroad."
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!