Raheem Sterling
Raheem Sterling looks certain to leave Liverpool this summer with Arsenal believed to hold a significant interest in his servicesGetty Images

Former Liverpool and Manchester United striker Michael Owen believes that the club should "not lose sleep" over the departure of Raheem Sterling as they can sign a quality replacement thereafter.

Owen insists that the situation is not like that of Luis Suarez, who is irreplaceable and left a massive void in the Liverpool squad when he left the club to join Barcelona in the summer. Suarez had scored more than 30 league goals and had almost single-handedly led the Reds to their maiden league triumph in over two decades.

However, Sterling, though a precocious talent is still not at the same level as Suarez and given he is English would fetch a lot of money, which can be invested elsewhere. Arsenal, Manchester United and Manchester City are all interested in his signature, which can spill into a bidding war if the player is made available in the market.

The midfielder has been rated at around £25m ($38.6m) with United having already had a bid rejected for the player.

The 20-year-old has refused to sign an extension on his current contract, which expires in 2017 and is believed to be pushing for a move to a club settled in the Champions League.

"I think he is a very good player but, put it this way, a year ago they lost [Luis] Suarez, he is irreplaceable, you cannot replace someone that good," said Owen.

"If Liverpool lose Sterling they can replace him. Certainly with the money that they would get I think you can replace Sterling.

"I think he's a very good player, got loads of potential, but you can replace him and you can't replace Suarez.

"If I was a Liverpool fan I would obviously want an answer, but I wouldn't be losing sleep if he did leave and you got a fair old chunk of money for him because I think he is replaceable," he added.

The Reds finished the season on sixth spot and have qualified for the Europa League which will commence in September 2015.