Pellegrini has identified Sterling as his top summer target and according to the Sun, City are encouraged by 20-year-old's reluctance to sign a new deal at Anfield.
Liverpool boss Brendan Rodgers has now revealed that talks with Sterling are now off until the end of the season, giving City the opportunity to move in to sign the Reds protege.
"We won’t reach agreement between now and end of season," said Rodgers.
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Manchester City are planning £50million swoop for Raheem Sterling
"That has been made clear by Raheem’s representative and the boy himself."
While City are planning a bid for Sterling, Pellegrini has said this week it could cost them a whopping £100million to secure his signature.
"Can you get [Raheem] Sterling? Maybe if you go to Liverpool with £100m you can," he said.
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