The England midfielder has become a crucial player for the Gunners since his arrival from West Ham for £105m in July 2023.

The 27-year-old has made more than 150 starts for Arsenal, and is also a key player for England, with manager Thomas Tuchel saying this week he is one of the best midfielders in Europe.

Rice would receive a significant pay increase to his reported £240,000-per-week salary, putting him on a par with the club's best earner Bukayo Saka, who is believed to earn about £350,000 a week.

The news comes after Arsenal boss Mikel Arteta's new four-year deal with the Premier League champions was announced on Wednesday.

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