Sterling, 27, has been a mainstay of the City since joining them from Liverpool in 2015 for £57.3 million.
He has had yet another stellar season at the Etihad Stadium, scoring 17 goals and contributing 9 assists in 47 appearances across all competitions.
However, the English forward's contract expires next summer and he is weighing up his options ahead of a vital summer.
According to Mirror, Arsenal, Chelsea and Tottenham Hotspur are all interested in signing Sterling.
The winger is currently valued at £60 million and talks between the England international and Manchester City over a new deal have been on-going.
Sterling reportedly wants reassurances from City boss Pep Guardiola about his role in the team alongside a continuation of his current £300,000 a-week deal.
City would reportedly prefer to cash in on Sterling this summer rather than risk losing out on him on a free transfer next summer.
He could look to move abroad with Real Madrid also reportedly interested.
Since moving to City from Liverpool, Sterling has made 339 appearances across all competitions, scoring 131 goals and contributing 95 assists.
He has won four Premier League titles, an FA Cup and four League Cups.
Arsenal and Chelsea also targeting other Manchester City stars
There are other players in the squad who could be heading for the Etihad exit door with Gabriel Jesus seemingly destined for London.
According to The Sun, Arsenal are prepared to offer the Brazilian striker a £200,000 a-week deal.
The 25-year-old is reportedly open to moving to the Gunners (per The Athletic).
Mikel Arteta may also be eyeing a move for left-back Oleksandr Zinchenko, with Manchester City interested in Brighton & Hove Abion's Marc Cucurella.
Zinchenko has been an understudy for Joao Cancelo this season and may seek a move to Arsenal to gain more first-team minutes.
Football London reports that the Gunners are pursuing a £30 million deal for the Ukrainian who could be used as a midfielder by Arteta.
Ilkay Gundogan and Riyad Mahrez have also been linked with departures from Manchester City.
Arsenal are reportedly keen on Gundogan, who played under Arteta alongside Gabriel Jesus during the Spaniard's time at City as an assistant coach (per Daily Star).
Express reported back in March that Chelsea were keeping an eye on Mahrez, who has just a year left on his contract.