Sterling gave a controversial interview last week claiming to have turned down a £100,000-a-week deal to extend his stay at Anfield, fuelling the thought that he will leave in the summer.
Sterling also said he was flattered by interest from Arsenal and that he is motivated by trophies rather than money.
And with Liverpool down in fifth, seven points below the Champions League spots, it appears the Reds are making their contingency plans.
Pedro has struggled for games at the Nou Camp since Luis Enrique took over in the summer.
Express Sport Sterling
Neymar has settled, Lionel Messi is back on top form and Luis Suarez is making an impression, so the 27-year-old has been left on the sidelines.
Pedro has won it all: two Champions Leagues, four league titles, the European Championship and the World Cup.
Liverpool, along with Manchester United and Arsenal have been monitoring his situation for some time.
And, according to the Daily Mail, the Reds will offer him a £90,000-a-week deal in the summer.
Despite the transfer ban in place until 2016, Barcelona are reportedly happy to sell and a move to Liverpool would offer Pedro the chance to play regular games.
GETTY
Pedro could make the move to Anfield this summer
Sterling has been linked with moves to Arsenal, Chelsea, Manchester City and Manchester United while Real Madrid and Bayern Munich are thought to be considering an approach.
Yesterday, Madrid's B team coach, Zinedine Zidane, said the European champions were interested in Sterling.
“We know who Raheem Sterling is, and of course we are monitoring him as a player,” said Zidane.
“There are very few players in the world who can improve the Real Madrid squad, so it is going to make sense we monitor the progress of the best young players in the world."
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