Sterling was one of Chelsea’s marquee signings last summer as he joined the Blues from Man City for a fee in the region of £47.5m.
Chelsea spent around £600m on new players last season so they are having to sell some squad players to fund moves for their own additions.
The Premier League club have already made around £200m this summer, with Kai Havertz, Mason Mount and Kalidou Koulibaly among their high-profile departures.