According to Goal.com, the 17-year-old winger sent a tweet this morning rubbishing the claims. However, the message has seemingly been removed from the youngster's profile.
Sterling is said to have written on Twitter: "morning tweeps I've just woken up to this rubbish i can assure you I've not asked for that stupid amount where waiting till I'm 18 to sign."
The Jamaican-born England Under-21 international has eight months to run on his current deal worth £2,000 a week plus appearance bonuses.
He is reportedly ready to discuss his Reds future further when he turns 18 next month.