text: It is understood the new offer was a basic £35.5m, which would have risen to nearer £40m when various extras were added.
  The Reds value the 20-year-old, who has also been linked with Arsenal and Real Madrid, at £50m.
  Last week, Liverpool turned down a bid of £25m, plus add-ons, from Premier League rivals City.
  Sterling joined Liverpool from QPR in 2010 and is under contract until 2017, but has rejected the offer of a new £100,000-a-week deal.
  Liverpool manager Brendan Rodgers said last month he expected Sterling to stay at Anfield for the remainder of his current deal.
  Find all the latest football transfers on our dedicated page.
target: Liverpool have formally rejected a second bid from Manchester City for England forward Raheem Sterling.