Sterling - who has already played for fellow 'Big Six' sides Liverpool and Manchester City - is a member of Chelsea's 'bomb squad' and has not played a minute of first-team action this season.
However, there is still around a 50 per cent chance that he stays at Stamford Bridge beyond tonight's transfer deadline.
The other strong possibility is a move across London to the Gunners, although talks are still at a club-to-club level as of this morning.
Sterling is at home on standby waiting for news. He will be presented with an option if and when Chelsea agree a deal with a potential suitor.
Arsenal have shown late summer interest in 29-year-old Chelsea forward Raheem Sterling
Manchester United had also been linked with Sterling in recent days but a move to Old Trafford now looks unlikely.
Sterling previously worked with Arsenal manager Mikel Arteta when the Spaniard was part of Pep Guardiola's coaching staff at City.
The 82-time England international scored 131 goals in 339 appearances for City, having previously hit the net on 23 occasions during a 129-game Liverpool career.
Since joining Chelsea from City for a fee in the region of £50million in July 2022, Sterling has netted 19 goals in 81 matches for the Blues.
Chelsea manager Enzo Maresca warned Sterling earlier this week that if he does not leave Stamford Bridge this summer then he will not play a single minute under him.
In an extraordinary gauntlet thrown down to Sterling and others training separately to his first-team squad - including Ben Chilwell and Trevoh Chalobah - Maresca spelled out exactly where they stand with him.
Speaking to media in Geneva before Chelsea lost 2-1 to Servette in the Conference League, Chelsea's head coach said on Sterling: 'My advice. He knows exactly what he has to do. He doesn't need my advice. We're going to see.
'I prefer to be honest with the player. The ones who are not involved, they are all players who are not going to be involved and they don't get any minutes in case they stay.
'We will see who is here and who is not here. The only thing I can say is the ones who are going to get minutes are the ones who I think can help us.
'It's not just Raheem. It's all the players who in this moment are training apart. The moment the transfer window closes, they are not going to get minutes.'