Rice joined Arsenal in 2023 in a £105M transfer from boyhood club West Ham United, but he's now into the final two years of his deal, and the club want to tie him down in North London.
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Talks between the club and the England international began at start of the year, and all parties are confident the situation remans on track, as per Arteta's latest update.
"My feeling is he's very happy here. Every conversation I have with him, he wants to continue for the long term.
"It will be a matter of time when we resolve that."
The details of Rice's deal are unconfirmed at this stage, but he could end up being paid in the region of £350,000-a-week, as part of a major increase from the £240,000-a-week he currently collects.