The Gunners have held a long-standing admiration for the England international and are now preparing a formal bid to secure his services.
As reported by The Telegraph, Arsenal are making significant progress in their pursuit of Rice, who could command a record-breaking transfer fee.
The North Londoners are planning to submit an offer of £92 million and they hold optimism that this sum will be sufficient to secure the 24-year-old’s signature.
Rice currently has two years left on his contract with the Hammers, and club owner David Sullivan has confirmed his intention to sell the player this summer.
Although Manchester United have also shown interest in the former Chelsea academy graduate, it appears unlikely that they will actively participate in the race for his signature.
United’s primary focus lies in acquiring a high-profile striker, and they are unlikely to allocate a significant portion of their budget towards signing Rice at this stage.