Rice faced a similar choice 24 years ago when Brian Clough's Nottingham Forest made a £175,000 bid.
He said: "I could have stayed at Hibs and looking back now I maybe should have stayed another year.
"I was a bit too young, but the chance to work with Brian Clough was the lure for me, it was something I couldn't turn down.
"Now the lure of the Premier League is there, that's where the world-class stars go, and Steven has gone there with an incentive of becoming a regular for Scotland.
"I don't think anyone would hold that against him."