Last season Rice became the first West Ham captain since Bobby Moore to lead the club to European successTreble winners Manchester City have made a formal £90m bid for West Ham captain Declan Rice.
However, Arsenal are expected to put forward a third bid for the 24-year-old England midfielder as negotiations over his future intensify.
The Gunners' offer of an initial £75m in four payments, plus £15m in add-ons, was rejected by West Ham last week.
City's offer is believed to involve an £80m initial payment but falls short of the £100m the Hammers are looking for.
Sources believe discussions around Rice are now reaching their final stages and some kind of agreement with either City or Arsenal is likely.
Although they have lined up Chelsea's Mateo Kovacic in a £25m deal, the loss of Ilkay Gundogan to Barcelona means City manager Pep Guardiola is keen to bolster his midfield options.
Rice, who led West Ham to European success with the victory over Fiorentina in the Europa Conference League final, is viewed as the ideal candidate.
