This is according to BBC Sport’s reliable journalist David Ornstein, who understands that Sterling was set to travel up to Manchester on Monday afternoon.
A medical was then due to happen this morning and an announcement could arrive as early as this afternoon.
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Manchester City have agreed to pay Liverpool an initial £44 million for Sterling, plus an additional £5 million in potential add-ons over the course of the deal - bringing the total cost of the transfer to a cool £49 million.
Liverpool will receive just under £40 million, however, with £9.8 million set to go to Sterling’s former club Queens Park Rangers due to a clause in the 20-year-old’s contract.
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Sterling will sign a five-year deal
Sterling is poised to sign a five-year contract with the two-time Premier League champions before flying out to Australia, where Manchester City are currently preparing for their first batch of pre-season friendlies.
Confirmation of the deal will bring an end to one of this summer’s longest-running transfer sagas and will allow Liverpool to reinvest the money generated by Sterling’s sale on new signings before the start of the 2015-16 campaign.
Brendan Rodgers is interested in striking deals for Aston Villa centre-forward Christian Benteke and Real Madrid winger Denis Cheryshev.
Sterling will be under pressure to shine
Because of the huge amount of money Manchester City are paying for his services, Sterling will be under pressure to hit the ground running next season.
He can also expect a hostile reception whenever City face Liverpool over the forthcoming seasons - the two clubs go head-to-head for the first time next term on November 21, at the Etihad Stadium, before the return fixture at Anfield on March 1 2016.
Sterling is widely regarded as one of the world’s best young players - he won the coveted Golden Boy award last year - and will be expected to help Manchester City win the biggest trophies during his stay at the Etihad Stadium.
But the chance to maximise his potential and win medals was one of the primary reasons why Sterling has swapped Liverpool, who finished sixth in the Premier League table last season, with Manchester City.
In a press conference on Monday, Rodgers denied that his relationship with Sterling has broken down - despite recent reports claiming otherwise - but confirmation of the transfer will finally allow Liverpool to move on and start planning for a future without the talented winger.
Has Raheem Sterling made the right decision to leave Liverpool? Will he regret joining Manchester City? Have your say by leaving a comment in the box below!