Chelsea have agreed a deal with Manchester City for Sterling's signing and is set to become the first signing since US billionaire Todd Boehly led a takeover of the Blues.
Sterling signed for Manchester City for £49m from Liverpool in the summer of 2015 and the England international scored 131 goals in 339 games for the Citizens.
The 27-year-old won among other honours four Premier League titles and one FA Cup.
In a statement confirming his City exit, Sterling said: "Seven seasons. Eleven major trophies. A lifetime of memories.
"To the coaching staff who have played a massive role in my development over the years. To my teammates who have become more than just those I share a pitch with. To the backroom staff. To the office staff. To the fans who have tirelessly supported the team. And to everyone involved with Manchester City, my respect for you couldn't be greater.
"What a ride it's been. I am thankful for the ups and downs, as it's the downs that have, at times, tested my strength and resolve, and enabled me to stand here in front of you as the best possible version of myself.
"I arrived in Manchester a 20-year-old, today I leave as a man. Thank you for your endless support. It's been an honour to wear the shirt of Manchester City."
