Sterling is thought to have rejected the Reds' opening contract offer of £100,000 a week.
A report emerged in The Daily Mirror today that Arsenal are lining up a summer move for the 20-year-old.
Arsene Wenger is believed to be compiling a list of summer targets, and Sterling has emerged as a surprise target.
Theo Walcott's future is thought to be up in the air, and Sterling is seen as a direct replacement for the winger.
And Arsenal great Wright is in no doubt as to who Wenger should try to buy in the summer.
Come on arsene ! Go in and get " Raheem the dream Sterling " from Liverpool and play him where he wants !??
— Ian Wright (@IanWright0) He tweeted: "Come on arsene ! Go in and get " Raheem the dream Sterling " from Liverpool and play him where he wants!"
Sterling has fired home six league goals for Liverpool this term.