Both Arsenal and the Irons compromised on a £105 million total price (£100m + £5m in add-ons), but much of the talks since then have been regarding payment structure.
In the last 24 hours, there has been an agreement for Arsenal to pay the initial £100m over a 24-month period, with Rice now set for a medical this week ahead of signing a long-term contract.
After that huge boost for manager Mikel Arteta, it is believed the north Londoners are also closing in on a deal for Ajax defender Jurrien Timber, as transfer chief Edu gets to work on backing Arsenal this summer transfer window.
Both players look highly likely to join Kai Havertz at Arsenal, coming after the Germany international put pen to paper on a £65 million move from Chelsea.
This window's outlay could total well over £200 million, but according to reports in the last 48 hours, they certainly aren't done there.
Southampton midfielder Romeo Lavia.
Indeed, Southampton's Lavia is still firmly on their radar, with Arteta's side readying a bid for the 19-year-old who starred at St. Mary's Stadium last season.
That is according to The Times and journalist Tom Allnutt, who claim they're set to make a move for Lavia.
"Arsenal are ready to make a move for the Southampton midfielder Roméo Lavia once the signing of Declan Rice from West Ham United is completed," wrote Allnutt
"Arsenal want to continue their summer spending spree by bidding for Lavia, although they expect to face strong competition from Liverpool for the 19-year-old.
"Chelsea and Manchester United are also interested in Lavia, with Southampton wanting £50 million for the Belgium player."
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