Manchester City star Sterling only signed a new contract at the Etihad in November.
But reports claim Real Madrid fancy their chances of snapping up the England star.
According to the Mirror, Real have set their eyes on Sterling as part of a projected £300million splurge this summer.
Real have been tracking the likes of Neymar, Eden Hazard and Cristian Eriksen for months.
But Sterling is also now a viable option for the Bernabeu club – with doubts lingering over their other targets.
Real recently re-appointed Zinedine Zidane as their manager, having endured a torrid time without the Frenchman in charge.
President Florentino Perez has sacked both Julen Lopetegui and Santiago Solari since Zidane left the club after the Champions League final last year.
Now back in charge, Zidane has the backing of the board to spend big and return Real to the top of European and Spanish football.
The Mirror report that Sterling is on their wish list, even though Manchester City will fight to keep their £300,000-a-week superstar.
City are also facing the prospect of a transfer ban in the future, meaning they will be desperate to keep their current stock.
As for Real’s other targets, Chelsea themselves are under a transfer ban and are sweating on Hazard’s future.
The Belgian’s contract expires in 2020 and a sale this summer – where they can recoup a hefty transfer fee – may make sense.
But Chelsea right now are desperate to keep Hazard – and that could be an issue for Real if the Blues don’t play ball in the summer transfer window.
Tottenham are battling to keep Eriksen in north London and the Dane is yet to sign a new contract, meaning it may – like Hazard – make sense to sell him.
Neymar for now appears the most unlikely arrival at Real Madrid.
The former Barcelona star was bought by PSG for £200m in 2017.
Yet despite his regular links back to Spain, PSG’s Qatari owners are desperate to keep the Brazilian as the 2022 World Cup draws near.