For me personally, I dont think we are in any desperate need to replace Sterling (or Jesus) if we sell them. Foden, Grealish, Mahrez, Palmer and Alvarez can all play in the 2 wing positions. Palmer looked great the times we saw him last season and I wouldnt mind to see him getting a bigger role this year being 4th/5th choice in those positions. With that said I would obviously have nothing against us signing a new elite winger either. It just wouldnt be a high priority for me with us already having signed Haaland and Alvarez as attacking players and we already have decent cover up front with Foden (Grealish) - Haaland (Alvarez) - Mahrez (Palmer).
A much bigger issue would be if we sell Bernardo. We simply cant replace him within the squad, and pretty much any potential signing would be a downgrade, at least in the short term. He really is a world class player and we are usually a worse team when he's not playing. How well we would manage to replace him will be key to how successful our season becomes. Hopefully its just rumors and he stays!