The Gunners and the England international have reached a personal agreement over a transfer to the Emirates.
Arsenal and West Ham have reached an agreement of a £105 million trade, while final conditions are have to be decided.
The only thing left to do is to agree on the transfer’s payment schedule, and by dropping out of the running, Manchester City have made way for Arsenal.
Rice was given three weeks off after a demanding domestic season that included two international matches and wasn’t scheduled to return for preseason practice until the following week.
However, the midfielder returned to London over the weekend as he gets ready for his Arsenal physical.
Arsenal wants Rice’s transfer to be completed this week after previously acquiring Kai Havertz in a £65 million deal from Chelsea.
After Rice exits the building, Arsenal will turn their focus to Ajax star Jurrien Timber.
After spending £200 million, players including Granit Xhaka, Rob Holding, Kieran Tierney, and Thomas Partey could be sold to raise money.