Rice is expected to be at the centre of a transfer tussle this summer, as Premier League clubs such as Arsenal, Liverpool and Manchester United are keen to secure the services of the West Ham skipper for next season.
And Arsenal are claimed to be in pole position to sign the Hammers’ midfield jewel this summer.
However, Parlour is wary of the fact that his former side might get outbid by the Old Trafford outfit in the race to sign Rice.
The Gunners’ legend also thinks that the Hammers will get the best deal for them and if the Red Devils break the maximum ceiling set for Rice, then nobody can do anything.
“Declan’s got to make a big decision on what he wants to do”, Parlour said on talkSPORT.
“If he wants to stay in London, obviously Arsenal will be a good move for him.
“But Manchester United are a massive club.
“So when they come knocking on the door, West Ham’s point of view, they will get the best deal for themselves.
“So, it’s all about what the deal is on the table.
“Probably Manchester United could pay more than probably Arsenal have got.
“So, it will be interesting to see what Declan does.
“There is always a valuation for any player.
“They can go over this top.
“Sometimes, people can get into bidding more.
“So, I think Arsenal will have their ceiling, this is the maximum we are going to pay.
“If Manchester United come in and break that by say £20m, then you can do nothing about that.“
All eyes now will be on Rice whether he wishes to stay in London this summer or moves to taste life in Manchester.