Sterling has been one of Liverpool's few bright spots in a stuttering season but Rodgers insisted the skilful winger cannot expect a huge leap in wages just yet.
Liverpool's managing director, Ian Ayre, held further talks with Sterling's advisers earlier this week and the club insisted a deal with be struck soon.
The Merseyside club has offered an estimated 20,000 pounds per week for Sterling, who turns 18 on December 8, but according to reports the player's representatives want double that.
"It is important for the club that we sign our young talents. But I think it is even more important for Raheem," said Rodgers.
"This is a club that is going to give young players an opportunity. He has played more games than he could have dreamed of this season, both in the Premier League and the Europa League.
"Liverpool Football Club has given him the chance to become a full international player."
However, Rodgers made it clear the club were not going to break the bank for their brightest young prospect.
"I would think if I am Raheem Sterling and his agents I would look to tie it up very quickly. This contract won't be the biggest contract of his life," said the Liverpool boss.
"It is when he actually achieves something. What he has shown just now is fantastic potential. His next contract and the one after that will be the big ones.
"But this is Liverpool Football Club. If you are 17 years of age and you are playing regularly you would be very foolish not to commit yourself very quickly. I am confident it is something that will be sorted out very soon."
