The England midfielder is being chased by some of the biggest clubs in the world this summer, but Liverpool will not let their young star go on the cheap.
With Sterling the subject of lots of interest from some of the biggest and wealthiest clubs in the world, the Gunners were said to be eager to join a pack of clubs that included City, Manchester United, Bayern Munich and Spanish giants Real Madrid according to the LES.
Arsene Wenger has splashed the cash in some big deals over the past couple of summers, bringing Mesut Ozil and then Alexis Sanchez to the Emirates, and though Liverpool aren't willing sellers, the race has started to convince them to consider the sale of their young talent, with Arsenal said to be in the running by the Express.
Sterling is refusing to sign a new contract at Anfield, and City have already had a £30 million bid turned down, again, according to the Express.
And the Standard suggest that, with Sterling valued at £50 million, Wenger is reluctant to get drawn into a bidding war that could reach up to £75 million.
That would be good news for Liverpool's coffers, but not for the likes of the Gunners, who have much more money to utilise than they did five years ago but are unlikely to pay inflated fees, and have also ruled out involving Theo Walcott in the swap deal.