Rice’s Arsenal are top the Premier League table, face Manchester City in the Carabao Cup final, are in the FA Cup Quarter Final against Southampton and remain in the Champions League.
The midfielder will also feature for England at the World Cup which spans across the US, Mexico and Canada in the summer where the Three Lions are one of the favourites to win the competition.
Rice and Gabriel should be seen as favourites
Having last won silverware in an FA Cup final victory over Chelsea in 2020, Arsenal are desperate for silverware and will rely on Rice to guide them to success this season.
As Rice has so many opportunities to pick up silverware this season, he alongside his teammates are being tipped to win the Ballon d’Or this year.
Speaking to FruityKing, Limpar believes that both Rice and Gabriel should be considered the favourites.
"The Ballon d’Or will be between two Arsenal players this year. Declan Rice, who is the engine, and Gabriel.
"Martin Odegaard should be up there, but he has struggled a little bit whereas Declan has been performing week in, week out. Gabriel has been a little injured. Declan has not.
"If Arsenal win everything, Declan would be my pick for the Ballon d’Or but it's too early to say that because we have to finish the season, we have the World Cup and we have the start of the Premier League again next season.
"But up to this point, it is Declan Rice. He is the true captain for me. He is the true engine of this Arsenal team. He makes the whole team run. You can see that they rely on him. You can see that he is the captain by example, so Declan would be the front-runner just before Gabriel at the moment."
Both Rice and Gabriel will win the same amount of trophies at club level this season but winning the World Cup would help separate the two when it comes down to the Ballon d’Or rankings later this year.