The England international, 26, has fallen out of favour with City coach Pep Guardiola this season, starting only two of seven Premier League games.
"If there was an opportunity to go somewhere else, I'd be open to it at this moment in time," Sterling said during the FT Business of Sport US Summit.
"As an English player, all I know is the Premier League. I've always known that maybe one day, I would love to play abroad and see how I would come up against that challenge."
Asked what languages he would like to speak, Sterling said: "I should be learning a few different languages. I quite like the French accent - and Spanish."
Sterling, who is under contract with City until 2023, talked of his admiration of Real Madrid last year, before City met Real in a Champions League round-of-16 tie.
Real are expected to attempt to sign Kylian Mbappe next year when the France forward's contract with Paris Saint-Germain runs out after having a reported offer of 160 million euros turned down by the French club this year.
Spanish media have reported that Barcelona are interested in Sterling, although a move for the England forward would be hampered by their financial problems, which forced them to part ways with all-time top scorer Lionel Messi in August.
Pep Guardiola told a news conference on Friday: "Raheem is our player and hopefully will be an incredibly important player for us. I cannot assure them how many minutes every player is going to play. Always they have to speak on the grass, that is the best moment -- not just Raheem, all of them.
"They have opportunities because they know they are going to play minutes. What I want from Raheem and everyone is they have to be satisfied to be here and delighted to be here. If that's not the case he has to take the best decision for his family. I was a player, I understand completely."
Torres scored both goals in Spain's 2-1 win over Italy in the UEFA Nations League semifinal, but limped off in the second half after suffering a blow to his foot.
The 21-year-old was initially a doubt before playing in their 2-1 defeat by France in the final on Sunday.
"He will be out two-and-a-half months or maybe three months. It is his metatarsal," Guardiola added.
City take on Burnley in the league on Saturday.