The winger completed his move to Manchester City this week and Fowler says they must draw a line under the saga.
The England man completed a big-money move to the Etihad earlier this week after months of speculation about his future at Anfield and a potential move to their Premier League rivals.
He is the latest big name to have left the Reds in recent seasons, with them also having lost Luis Suarez to Barcelona last summer. His move brought an end to the long running saga and Fowler, a club legend after the goals he scored during his time at Anfield, says they now have to draw a line under the whole episode.
"Raheem Sterling is a very good player. But ultimately it's his decision, he wanted to move elsewhere," FourFourTwo reports him as saying.
"As a club I think they have respected the player and it happens in football. It happened when we lost an unbelievable player in Luis Suarez and this year we've lost Raheem Sterling.”
Time for youngsters to come through
While losing Sterling is obviously a blow for Brendan Rodgers’ side, there is a sense of relief that the drama is now done with, while many are pleased with the fee acquired for the player.
They are naturally expecting the club to keep investing in the side, potentially using the money to secure the top centre-forward they desperately need.
Meanwhile, there is increased optimism surrounding several youngsters around the squad, with Jordon Ibe in particular looking a top prospect - and Fowler says now is the time for them to come through.
"It's up to the young players now to come,” he added.
“Try and forget about Raheem Sterling and what he's done. Hopefully the new players will shine a little bit more."