West Ham are expected to sell Rice at the end of the season, with the midfielder unwilling to sign a contract extension with the Hammers.
Arsenal have made Rice their top summer transfer target and are confident they can bring him to the North London club ahead of the likes of Chelsea and Manchester United.
But Manchester United were also keen on bringing the West Ham captain to Old Trafford last summer, but according to talkSPORT, the Red Devils’ bid of £100 million for the 24-year-old in the summer transfer window was rejected by West Ham.
West Ham were unwilling to let Rice depart the east London club at the time.
The report added that West Ham would, however, now be willing to accept an offer of £120 million plus add-ons for Rice, who has less than 18 months left on his West Ham contract.
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