Rice, 26, scored the only goal as his side secure Champions League football with a 1-0 win over Newcastle in their final home game of the season.
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The England international has been key for Arsenal, enjoying the most prolific campaign of his career, with eight goals and 10 assists in his 51 games across all competitions.
Despite his best efforts, Arsenal will go another season without a piece of major silverware, something Rice believes they need to address in the summer.
“Hopefully we strengthen in the summer, we sign more players, because we’re probably going to lose a few”.
“With the team we’ve got, with the manager we’ve got, we need to be competing for titles. Next year, we’ll be back”, he told Sky Sports.