The winger eventually joined Liverpool, where he went on to flourish under Brendan Rodgers and become a first team regular for the Reds and England.
He then made a big money move Manchester City in the summer for a fee that saw him become the seventh most expensive transfer of all time.
He could have been an Arsenal player for a much lower fee though, and Wenger has admitted he laments not getting there ahead of Liverpool at the time.
"We had many players on the flanks, but Sterling was at QPR - that's where we should take the players," Sky Sports reports him saying.
"We watched him but you miss obvious players. The history of every club is full of top players that you missed. At the time Liverpool were quicker."
With Wenger admitting he would have liked to sign Sterling when he was at QPR, it naturally raises the question whether he should have made a move in the summer.
Sterling would have certainly flourished in this current Arsenal side, with the idea of him, Mesut Ozil and Alexis Sanchez linking up certainly an enticing one.
With him now impressing alongside Manchester City’s plethora of stars, Wenger is sure to be ruing not moving ahead of Liverpool when he had the chance for some time to come.