The England international made clear his desire to leave the Hammers following last season’s landmark Europa Conference League triumph.
Mikel Arteta had earmarked the 24-year-old as his No.1 summer target and after lengthy negotiations, which threatened to collapse amid rival interest from Manchester City, the Gunners are finally on the cusp of getting their man.
The decision to let Rice depart has been a difficult one for all at the east London club, but the injection of a £105million cash injection will go some way to sweetening the deal and allow manager David Moyes the opportunity to strengthen his own squad.
In a statement confirming Rice’s imminent departure, Joint-Chair David Sullivan said: ‘I am sorry to see Declan leave us, but I believe that everyone at West Ham United should be very proud of the part we have played in his journey from the Academy of Football at Chadwell Heath to becoming the most valuable young player in English football.
‘I would like to make it clear to our supporters that we did not want to sell Declan. We wanted to build our team around him and made a series of improved, long-term contract offers to secure his future. However, once Declan made it clear that he wished to move on and seek a new challenge, the Club felt it would not be right to stand in his way, acting in the best interests of West Ham United.
‘He leaves with the sincere thanks, respect and love of everyone here, having earned his place in history alongside the great Bobby Moore and Billy Bonds as the only players to have captained West Ham United to a major trophy. More than that, he has always given absolutely everything for the football club throughout his time with us.
‘Declan will forever hold a special place in the hearts of Hammers fans and everyone here at the Club. We wish him well for the future and he will always be an inspiration and an example to any young player coming through our Academy.’
Moyes added: ‘I’d like to personally thank Declan for everything he has done during his time at West Ham United. Obviously it is sad when we say goodbye to someone who has been with us for so long but we must now look forward.
‘West Ham United is a huge Club and, as history shows, no player is ever bigger than the Club. Our entire focus now is on building upon the success we enjoyed last season, adding to our talented UEFA Europa Conference League title winning squad as we enter our third consecutive season in Europe, and continuing to develop the best young talent through our successful Academy.’
MORE : Declan Rice finally set to complete Arsenal move as West Ham sign final paperwork for deal to go through
MORE : Jurrien Timber completes boyhood dream in joining Arsenal to follow heroes Thierry Henry and Robin van Persie
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