According to chairman David Sullivan, the captain of the Hammers will depart the London Stadium this summer after turning down a pay offer of £200,000 per week 18 months ago.
Sullivan claimed that the £10 million in lost salary was what made him stay at West Ham during that time.
Rice now faces a fresh struggle as Arsenal, Manchester United, and Bayern Munich compete for his services.
Following West Ham's 2-1 victory against Fiorentina in the Europa Conference League final, Rice said, "It's flattering to be wanted by a number of clubs, but the badge on my breast tonight is West Ham.
I have two years left on my contract, and ultimately decisions will be made by those in charge. I will give everything I have until the day I leave this club, and I will wear my heart on my sleeve in pursuit of this badge.
"Over the past two or three years, all the news has been about me." Actually, reading it myself is becoming rather monotonous. I constantly encounter it, but I am unable to stop it because it is a natural byproduct of my job and the daily football I play.
My sincere response is, "I honestly don't know what's going on right now."
Rice is considered one of the top midfielders in the division and an England international, therefore he won't be cheap.
But where would he be most at home? News Sport
ARSENAL
Arsenal believes they are the front-runners for the England international at this point and are in pole position to sign him.
Due to Granit Xhaka's departure, Mikel Arteta, a major fan, has made Rice his top priority this summer. Rice will be the new anchor point in the middle of the field.
Although Thomas Partey seems like a logical anchor point for Arsenal's 4-3-3 system lately, Rice could more than fill a role on the left of a three, with Martin Odegaard on the right of the trio.
But should Arteta switch to a 4-2-3-1 formation in games where he is eager to overload midfield and stifle opponents, Rice and Partey would complement each other in a tandem.
This week, Mail Sport reported that the Gunners would make a formal bid for Rice, who is valued at over £100 million by West Ham chairman Sullivan, in the coming days.
Although Rice is paid well, it's claimed that he has made London his home and that he is anxious to play in the Champions League—two things that Arsenal can do.
In response to a question about Arsenal's transfer strategy this summer, Arteta responded: "By explaining who we are, how we do things, what we want from them, how we think they are going to fit in in our culture, in our club, and then trying to do the right thing as a club." Arsenal's final game was against Wolves.
'Investing in the proper profile for
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