The 29-year-old would have seen his current £300,000-a-week salary more than doubled with this deal. However, Sterling prioritised his ambition to help Arsenal secure the Premier League title over financial gain.
He also harbours personal aspirations of returning to the England squad for the 2026 World Cup. The Mirror has now disclosed that Sterling dismissed the Saudi proposal two days before negotiations had even commenced between Chelsea and Arsenal.
This development came about at the beginning of last week - a mere 10 days after new Blues manager Enzo Maresca publicly and privately declared that Sterling would never play for the club again. It left Chelsea with the prospect of having to meet his £27million-a-year wages over the next three years while he trained alone.
It also represented a massive U-turn from Maresca who played him in every game of the club’s pre-season tour this summer and had said: "For sure he is one of our important players… the important thing is we give him minutes and he is doing well."
Chelsea had also placed Sterling as a key figure in a new sleeve sponsorship deal alongside Millie Bright and captain Enzo Fernandez. A feature on their website lauded his "leadership role" and was titled: 'Raheem Sterling Interview: A positive influence and setting standards."
After their U-turn, Sterling made it clear in talks that he the onus would be on Chelsea to meet the cost of the remaining three years of his £70m contract or find him a new club. Blues executives were busy contacting clubs in an attempt to find one that could match the financial package they had enthusiastically labelled a "bargain" when Sterling arrived from City in 2022.
After being stripped of his shirt number, given a packed lunch and instructed to train away from the team, Sterling left it to Chelsea to resolve the predicament they had created. The interest from Saudi club, which remains unnamed, was put to him by Chelsea on Tuesday and again on Wednesday.
But there were suggestions that the club had courted the Middle East interest long before then. Sterling dug his heels in and refused to be forced into a move that would have been perceived as him giving up on his England career.
Having contributed to Manchester City's four Premier League titles, five League Cups, the FA Cup and the Champions League - not to mention helping England reach the final of the 2020 European Championship - Sterling remains ambitious and is keen to prove his worth in north London.
He was about to start his third season under his fifth manager at Chelsea, where approximately 40 players had been signed in just over two years.
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