Liverpool have rejected the first official offer for Raheem Sterling worth £25m plus add-ons from Manchester City, reports the BBC.
The Anfield club are ready to cash in on the troublesome midfielder but have valued him at closer to £50m.
Sterling, 20, kicked up plenty of dust earlier this season after rejecting a £100,000-a-week deal with Liverpool before revealing he had done so during an exclusive interview with the BBC.
His current contract runs until 2017 and Brendan Rodgers has recently claimed that he expects Sterling to see out those two remaining years.
However, there is plenty of interest in Sterling with Arsenal, Manchester United, Real Madrid and Chelsea all being linked with a move and Liverpool are ready to sell for an exceptional price.
Manchester City have seemed the most interested club from day one and just a day after their chairman Khaldoon Al Mubarak promised to spend big, an official bid was launched.
"You will see us in the market bringing in high-quality individuals that fit within what we are aspiring to," he told City's official channels.
But Manuel Pellegrini must have been certain to see this opening bid for the England international rejected and it is more than likely they have a bigger offer lined up.
Whether they are willing to make him the most expensive English player of all time, however, is a different matter.
Sterling himself is believed to prefer a move to London, where he spent his youth growing up as a QPR player.
That would give Arsenal and Chelsea a significant edge and Arsene Wenger has recently refused to rule out a bid.
But it is unlikely that the Blues or the Gunners are ready to compete with Manchester City, who themselves are desperate to boost the number of homegrown players in their squad.
Manchester United have also been linked with a move but Liverpool would sooner send Sterling to the reserves than to Old Trafford, regardless of the money on offer.
Real Madrid are a dark horse in this transfer race as Rafa Benitez continues to concentrate his efforts of signing David de Gea.
The new manager has, however, confirmed he is an admirer of Sterling.
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