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Could Sterling leave Liverpool for Chelsea instead of Manchester City?

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According to Sky Sports News, Chelsea have a new transfer target. The club are reportedly keeping an eye on Raheem Sterling of Liverpool. here's what the English news outlet had to say:

Chelsea have become the latest club to enter the race for Liverpool winger Raheem Sterling, according to Sky sources.

We understand the Premier League champions are monitoring the situation at Anfield but are not prepared to meet Liverpool's £50million valuation.

Manchester City are yet to submit a revised bid for Sterling after their initial £25m offer, plus add-ons, was rejected last week.

We understand there have been no bids for Sterling from any other club.

Neither Liverpool, Manchester City or Chelsea have commented on the latest developments.

I'm a fan of Sterling, and am pretty happy to hear that the club is keeping up on the situation. That said, I wouldn't want to shell out that sort of money for the player, as he's no Fernando Torres.

With Chelsea now 'in the race' for an young, English star, I'd expect to be reading quite a bit about Chelsea in the next several days.  Silly season. Yay.