The Merseyside club lost Luis Suarez to Barcelona earlier in the summer, while Daniel Sturridge is struggling with injuries since September.
Sanchez was linked with Liverpool, but the Chilean international snubbed the Red and joined Arsenal. The former Barcelona forward has already managed nine goals and five assists in the league this season.
Hoddle, who was also the manager at Tottenham believes Sterling will get an opportunity to learn from Sanchez when the Gunners visit Anfield for the Premier League clash on Sunday.
“Sunday will give us an opportunity to take a look at Alexis Sanchez and Raheem Sterling when Arsenal play Liverpool at Anfield,” Hoddle wrote in his Daily Mail column.
“Sanchez has clearly become one of the stars of the Premier League in the five months he has been here and with Theo Walcott on the verge of returning, Arsene Wenger will soon be able to field a front three of Walcott, Sanchez and Danny Welbeck.”
“What I love about Sanchez is his hunger. Hard work isn’t a dirty word for him; he puts in a shift. He shares that attribute with Suarez and Carlos Tevez.
“It is as though the South American players, who have come from relatively tough backgrounds, are grateful for opportunities they have and haven’t forgotten the hard work it took to get them to where they are.
“But Sanchez’s best quality is his calmness in the penalty area to finish chances off – and if Sterling can learn from that, he can become a truly great player.
“The Liverpool flyer is still young – he was 20 earlier this month – but there are similarities with Sanchez in that he can get into the same positions, whether he plays down the middle or down the side.”
“The next step for him is to become a finisher – do that and in two or three years’ time he could end up at Barcelona or Real Madrid. He’s not ready for that now, but he could be.
“Suarez managed to work on his finishing during his time at Liverpool and Walcott has improved over the past few years, so it can be done.
“Sterling gets in there time and time again, which is evidence enough of his quality. When he becomes a clinical finisher, he will be a frightening prospect,” the former Tottenham midfielder added.