Mikel Arteta is tipped to be on the rookie market this summer, and West Ham midfielder Rice has emerged as a priority target for him.
Although he is expected to attract interest from Premier League rivals Manchester United and Chelsea, the new reports may have given Arsenal the upper hand.
Journalist Miguel Delaney thinks Rice "admires" Arsenal's play and enjoys watching them play with his team-mates.
Delaney told the Independent:
"Rice is said to be a particular admirer of Arsenal's play, considering it one of the best approaches to European football at the moment.
"He complimented them when he watched them play against the rest of the West Ham team. It would make any signing more ideal, especially when opportunities are limited elsewhere."
Folarin Balogun makes important transfer decision
Arsenal striker Folarin Balogun has been in the spotlight all season after a prolific loan spell at Reims, scoring 19 goals for the French club.
At just 21, Balogun is attracting interest from across Europe as he ponders his future in north London.
He is tipped to return to the Emirates at the end of the season, where a decision will be made in the next phase of his career, as the England Under-21 international faces another loan move.
However, Balogun seems to have made up his mind already, with his verdict based on one key point.
Football Insider reports that Balogun does not want to return to Arsenal next season unless he is 'guaranteed in the first team', a feat that can be difficult in the presence of Gabriel Jesus and Eddie Nketiah. Arsenal and Tottenham pursue Nathan Wood
Swansea City centre-back Nathan Wood is said to have caught the eye of the Gunners and rivals Tottenham Hotspur.
The England Under-21 international, who only joined the Championship side last summer, could be set for a top flight, with both corners of north London expected to 'watch' progress player's set.
Transfer expert Fabrizio Romano tweeted:
"Please understand that Arsenal and Tottenham are keeping a close eye on his performance."
"Swansea are trying to extend their contract to prevent a transfer in the summer."
Arteta hints at return of William Saliba
Finally, the Arsenal manager has provided an update on William Saliba's return from injury, suggesting he could be fit to face Manchester City on April 26.
The 21-year-old limped off Sporting Lisbon in the Europa League defeat to Arsenal due to a back problem in March, and has not played for the Gunners since.
While Arteta has confirmed Saliba will not be available for Arsenal's game against West Ham this weekend, the Spaniard has given an approximate timeline for his recovery. "He is progressing well and we expect him to be on the pitch in the next few weeks," said Arteta.
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