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Liverpool FC are bracing themselves for a third bid from Manchester City for Raheem Sterling.

The Reds have had no contact with City since an improved offer of £40million was quickly rejected last week.

However, City haven’t been put off their pursuit of the young England international and will make another attempt to land the 20-year-old attacker.

Liverpool’s stance remains unchanged. They don’t want to sell Sterling, who is under contract at Anfield until 2017.

However, in the knowledge that he wants to quit the club and is keen on a move to the Etihad Stadium, the Reds would reluctantly agree to do business if their £50million valuation is met.

The Anfield hierarchy remain adamant that if Sterling does leave it will be on Liverpool’s terms and they would demand the cash up front so it could be reinvested in the squad this summer.

The Reds would have to pay 20% of any fee to his former club Queens Park Rangers.

Sterling, who snubbed Liverpool’s offer of a new five-year deal worth £100,000 per week and then refused to resume negotiations, has returned to the UK after a holiday in Ibiza.

His relationship with the club he joined in 2010 has deteriorated during his increasingly acrimonious contract stand-off.

His form plummeted in the closing months of last season and his popularity with supporters also nosedived with Sterling heckled at both the unveiling of the new kit and also the end of season awards.

But despite the current situation, owners Fenway Sports Group don’t feel any under pressure to sell. Regardless of Sterling’s desire to leave, his departure won’t be sanctioned unless Liverpool get what they believe he’s worth.

City desperately need home grown players to conform with UEFA regulations and Sterling is at the top of Manuel Pellegrini’s list of summer targets.

Meanwhile, Liverpool are prepared to bide their time in their pursuit of Southampton right-back Nathaniel Clyne,

The Reds had a bid of £10million rejected last month and have yet to return with an increased offer.

Saints want £15million but Liverpool are currently unwilling to go that high for the 24-year-old England international, who is down to the final year of his contract.

Clyne has his heart set on a move to Anfield and the Reds hope a compromise can be reached. Brendan Rodgers views him as the ideal replacement for Glen Johnson, who has left Anfield as a free agent.

Read all the latest on Raheem Sterling here