When the deal goes through, Sterling will become the most expensive English player in history, topping the £35million Andrew Carroll cost Liverpool in 2011.
The fee will be the 12th most expensive of all time.
Sterling, who missed training twice last week due to a mysterious illness, was left out of the Liverpool’s squad that flew out to Thailand earlier today for the club’s pre-season tour as talks over the big-money switch progressed.
Manchester City previously failed with two bids for the 20-year-old, with the second believed to be around £40million, as Liverpool were holding out for nearer £50million.
The relationship between Liverpool and Sterling appeared to break down in February when Brendan Rodgers claimed the winger had been offered “an incredible deal” when asked about Sterling’s contract renegotiations.
Sterling responded to his managers comments in a BBC interview (watch below) that was not sanctioned by the club, claiming he “only wants to play football” and that he was not “a money grabber.”
A few months after Sterling spoke to the BBC, his agent Aidy Ward, launched a blistering attack on Liverpool.
Ward said: “I don’t care about the PR of the club and the club situation. I don’t care.
“He is definitely not signing. He’s not signing for £700, £800, £900 thousand a week. He is not signing.
“My job is to make sure I do the best with them (my clients). If people say I am bad at my job, or they are badly advised it does not matter.”
Ward also singled out Liverpool legend Jamie Carragher for criticism after the former centre back stated that Sterling should “keep your mouth shut” and “get on with playing football”.
Ward responded by saying: “Carragher is a knob. Everybody knows it. Any of the criticism from current pundits or ex-Liverpool players – none of them things matter to me. It is not relevant.”
Sterling joined Liverpool from QPR’s academy in 2010 and has made 129 appearances for the club, scoring 23 goals.
The Hoops will receive £9million from Sterling’s move to the City of Manchester Stadium due to the 20% sell on clause inserted into the deal that took him from Loftus Road to Anfield.
Below are a few reactions to the blockbuster transfer on Twitter:
Is Sterling worth £49million? Will he help Manchester City win the Premier League this season? Leave your opinions in the comments section.