Declan Rice's potential West Ham exit is set to become the major Premier League transfer story ahead of the 2023/24 season.
The England international has emerged as a priority target for Arsenal, alongside links to defending champions Manchester City and Erik ten Hag's Manchester United.
On the back of a superb 12 months for the Hammers, Rice's transfer value has continued to increase, with David Moyes admitting the club are not likely to be able to retain the 24-year-old.
Arsenal are leading the race for Rice, but the Gunners will need to break their transfer record to secure a deal as West Ham raise the stakes.
MORE: Arsenal Premier League fixtures: Full schedule, dates, times, predictions for the 2023/24 EPL season
How much is Declan Rice transfer fee?
Arsenal are the only interested party to reach out to West Ham with a formal approach for Rice, but the Gunners have been frustrated so far, with West Ham standing firm.
An initial £80m/$102m bid was rejected by the Hammers with reports from The Athletic's David Ornstein claiming a second offer of £90m/$105m has also been turned down.
That deal involved an upfront £75m/$87m payment, with the remaining £15m/$18m paid in performance-related add-ons, but West Ham are prepared to hold out for £100m/$127m.
If that includes a outright fee, Rice would become the third most expensive Premier League transfer in history, behind England teammate Jack Grealish and Chelsea star Enzo Fernandez.
What is Declan Rice worth?
Moyes stated in May that he expects Rice to break the British transfer record if leaves the Hammers. The club will let him go for £120m/$152m if they receive an offer from a Champions League team, but that figure is flexible.
West Ham will allow Declan Rice to leave this summer if they receive an offer worth £120m from a Champions League club.
— Sky Sports News (@SkySportsNews) May 9, 2023
According to CIES Football Observatory, who analyse the football market, Rice is valued at £70m/$87m. However, based on Arsenal's interest, West Ham are confident of edging the price beyond £90m/$105m.
Transfer cost of central midfielders
Alongside Arsenal's interest in Rice, teams across Europe are either targeting or signing new central midfielders ahead of the 2023/24 season.
Rice's England midfield partner Jude Bellingham has already completed a £88.5m/$112m move from Borussia Dortmund to Real Madrid as the third most expensive central midfield transfer deal in history.
Paul Pogba's £89.8m/$114m move from Juventus to United in 2016 held the record for seven years before Chelsea set a new bar by paying Benfica £103.5m/$131.8m for Fernandez at the start of 2023.
According to CIES' latest data, Rice is the joint third most valuable Premier League player in his position, level with Arsenal captain Martin Odegaard.
Fernandez and Manchester City's Rodri are tied as the top-valued Premier League central midfielders at £85.5m/$109m.
However, Rice is the most expensive midfielder likely to be transferred this summer in the Premier League, ahead of Brighton & Hove Albion dynamo Moises Caicedo, who is valued at £51m/$65m.