The Gunners have been on the run to secure the signature of the English midfielder since last season.
Rice has been an integral member of the West Ham team that won the 2022/23 Europa Conference League, after beating Italian side, Fiorentina, by 2-1.
The Gunners had submitted an initial offer of £90m which was rejected, the Daily Mail reports.
It’s believed that Rice prefers a move to the North London side rather than Manchester.
However, the move may be cut short if Arsenal are unable to meet the £100 million transfer fee.
West Ham have previously confirmed that their midfielder is almost certain to leave this summer, as he has become a top transfer target of Arsenal coach, Mikel Arteta. .
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