He has scored 14 goals in all competitions this season and his recent performances have moved him on to a new level.
He is now widely viewed as one of the world's best and Europe's top clubs - including Real Madrid and Barcelona - have made admiring glances recently with a view to making a move for Sterling as early as next summer.
Sterling's current deal expires in 2023 but City's attempts to tie him down underline his importance to the Premier League champions.
Sterling has played a key role for Pep Guardiola's team and is a pioneer in the fight against racism.
He also adds huge value to City off the field with the forward one of the most marketable and recognisable footballers on the planet.
He was involved in a bust-up with Joe Gomez while on international duty last week.
Sterling apologized to the Liverpool defender and came to Gomez's defence on social media after he was booed by England supporters during the win over Montenegro last Thursday.
Having missed the win over the Montenegrins, Sterling was restored to the side by England manager Gareth Southgate and set up two goals in Monday's 4-0 win over Kosovo.
Meanwhile, City on Tuesday announced record revenues of £535million.
The club released their financial figures for 2018-19, which they say highlight the 11th year of growth under Sheik Mansour.
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