The Blues are currently short at the left-back position after a season-ending injury to Ben Chilwell.
22-year-old Sterling has made 13 appearances for Blackpool across all competitions this season.
Football League World says the Englishman could return to Stamford Bridge this month in order to pad out Thomas Tuchel's squad.
Sterling is currently experiencing his third loan spell away from Chelsea.
He joined the west London club at the age of eight and has two first-team appearances to his name.
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