Raheem Sterling looks set to be the first major signing of the Todd Boehly era at Chelsea, as according to media reports on Sunday the club has agreed on a fee with Manchester City.

Sky says the England international forward will cost 47.5 million pounds ($57.1 million) whilst the BBC believes he is worth up to 50 million pounds, including add-ons.

New Chelsea chairperson Boehly has thrust himself to the fore of transfer negotiations with the American also acting as interim sporting director in the post-Roman Abramovich era.

Sterling's signing will endorse Boehly's high-profile involvement as both Barcelona and Real Madrid were believed to be keen to buy him.

Sterling, 27, has already reportedly agreed to personal terms, and subject to a medical, will sign a five-year contract with the option of a further year.

Chelsea hopes the formalities will be completed in time for Sterling – who has been capped 77 times – to join them on their preseason tour to the United States.

Sterling is into the final year of his contract at City and will fill the void left by the departure of record signing Romelu Lukaku's return on loan to Inter Milan – just a year after splashing out 97 million pounds on the Belgian striker.

Sterling joined City for 49 million pounds in 2015 from Liverpool and has won four Premier League titles among nine major trophies in his time there.

A key player in the early years of Pep Guardiola's reign at City, Sterling has scored 131 goals in 337 appearances for the English champions.

However, his regular place in the starting lineup at City has come increasingly under threat from the signing of Jack Grealish for a Premier League record 100 million pounds last year, plus the emergence of Phil Foden from the club's academy.

City has also bolstered its attacking options for the new season with the arrival of Erling Haaland and Julian Alvarez.