Rice is a top target for Chelsea and they wanted him during the last transfer window, but were reluctant to commit the funds needed to make the deal happen.
West Ham have made it clear that it would require an astronomical figure for them to consider letting the player, who has been at the club since he was 14, go in the future.
The Hammers want to keep hold of Rice, but the midfielder is keen to win trophies and could opt to move on.
And Beale, who coached the midfielder at Chelsea, conceded that it would be great to see him return to Stamford Bridge and prove the Blues were wrong to let him go.
The current Rangers first team coach told The Athletic: “It’s very rare that a boy leaves and goes on to make the club wish they had him and I think that’s the scenario Chelsea are facing now.
“They let a boy go, he’s gone away and really kicked on.
“It’s worked out for Declan in the long term and if he goes back to Chelsea that would be amazing.”
Rice was let go by Chelsea’s academy when he was just 14 as the club were not sure about his physical growth.
