A British transfer record of £105m has been agreed for Rice to move to Arsenal in the ongoing transfer record.
The midfielder has also agreed personal terms and is expected to undergo a medical with Arsenal next week ahead of his proposed move.
Mikel Arteta pushed to land Rice this summer and Arsenal have decided to splash out but the deal is still not done.
Arsenal and West Ham have been negotiating the payment terms over the last 48 hours and it has been claimed that there is still no agreement.
While Arsenal would prefer to pad out the fee over several years, the Hammers want a large portion of the fee paid upfront early.
West Ham need cash to do business in the transfer market and want a major portion of the British transfer record fee upfront.
The two clubs are still thrashing out the agreement as Rice waits for the deal to get finalised between Arsenal and West Ham.
A former national team boss told Inside Futbol earlier this week that Rice would be one of Arsenal’s best signings in recent years.
