According to News Corp, it is also understood that a decision regarding his future will be made by the time he returns for pre-season training on December 8.
However, despite the Wests Tigers offering Luai's management a reported $4.5 million over four seasons, Sterling has warned Luai to take his time in making the decision and carefully mull over his future.
"I know back in my time at Parramatta, there were opportunities to go elsewhere but you have to weigh up a lot of things, especially the fact that you're at a club that's successful," he told 9News Sydney.
"[Are you] pretty happy with where you are living and the way things are going? Do you disrupt that while not necessarily knowing whether you are going to enjoy where you're headed?"
While the decision from Luai may be imminent, the Panthers have confirmed they won't be matching the bid, but reports have suggested they have offered the representative star a two-year contract extension worth $1.7 million.
One of the greatest players to ever don the halfback jersey and a key member in the Eels dynasty that saw them clinch three consecutive premierships, Sterling has urged Luai that there is more to the game than just money.
"It's never all about the money," Sterling said.
"If you go for the money, you're going for the wrong reason — that's first and foremost.
"Obviously it's a huge consideration but there are a lot of other ones [too].
"He'll end up making the right decision and it'll be the choice that his gut and his heart tells him is the best way to go," he added.
It is understood that Luai has just over two weeks to determine where he will be playing his rugby league from 2025 onwards.