According to BBC Sport, negotiations with the England international are now at an advanced stage. Rice’s current deal expires at the end of next season.
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The 27-year-old has become a key figure for Arsenal since completing a £105 million move from West Ham in July 2023, making more than 150 starts for the Gunners.
Rice is reportedly set to receive a significant increase on his £240,000-a-week salary, potentially putting him alongside Bukayo Saka, who earns around £350,000 weekly.
England boss Thomas Tuchel recently described Rice as one of Europe’s best midfielders.
The development follows Arsenal manager Mikel Arteta signing a new four-year contract with the club on Wednesday.