According to The Times' Henry Winter, the request falls short of the deal Kevin De Bruyne got earlier this year, which is worth up to £342,000 per week when all bonuses are considered.
Per Winter, City have adopted an incentive-based approach to their players' contracts recently in an attempt to stay mindful of UEFA's financial fair play regulations. Sterling's request of £275,000 per week would include bonus money and image rights.
The offer on the table wouldn't see his main wages increase until next season, but the people advising Sterling believe a more immediate wage hike is in order, according to Winter.
Sterling was among the club's best performers last season, showing consistency that was previously lacking from his game. He finished the Premier League campaign with 18 goals and 11 assists, easily the best numbers of his career.
At 23, he still has ample room to grow, and there was some transfer talk during the summer, per Winter. Locking him down to a new long-term deal and keeping him happy has to be a priority.
Winter previously defended Sterling after the player recently took some abuse for withdrawing from international duty through injury:
The former Liverpool man didn't have the best FIFA World Cup―although his struggles were overblown―and that could hamper his position in contract talks, even if City should prioritise what he does for the club, not England.
Both parties will want to come to an acceptable compromise, as the marriage between Sterling and the Sky Blues has been a happy one.