Arsenal may not be prepared to pay West Ham’s large asking price for captain Declan Rice which could leave Premier League rivals Chelsea still very much in the race, journalist Simon Phillips has told GIVEMESPORT.

The Evening Standard have previously reported that Arsenal's title-chasing side are frontrunners in the chase, but Phillips has not ruled their London rivals out as they are more prepared to meet the demands of the Hammers - reported to be up to £120m by talkSPORT's Jim White.

Arsenal transfer news – Declan Rice

Arsenal are flying at the summit of the league right now which may entice Rice, who wants to play at the highest level possible, according to The Guardian.

Their initial interest was revealed in the January transfer window after two bids were rejected for Brighton’s Moises Caicedo.

The Athletic reported that this is likely to be the club captain’s closing season at West Ham, with Arsenal, Chelsea and Manchester United all registering their interest.

Relegation-threatened West Ham may have no choice in the matter when Premier League giants up the ante upon the opening of the summer transfer window.

What has Simon Phillips said about Declan Rice and Arsenal?

Phillips believes the race for the 24-year-old’s signature is more open than most believe, and that Arsenal are not willing to pay the fee that the East London club are asking for.

Speaking to GIVEMESPORT, the journalist said: “It’s been described to me as a lot more open the race to signing you know, we’ve been hearing Arsenal are well ahead and laying down the foundations and they’ve got a better chance.

“But the reason I’ve been told this is Arsenal aren’t prepared to pay the high fee that they’re being quoted by West Ham for Rice at the moment so that leaves Chelsea very much still in this race, because they would be prepared to pay what it takes.”

Will Rice join Arsenal or Chelsea?

Rice’s contract with the Hammers comes to an end at the end of next season, so David Moyes will be looking to cash in on one of their most prized assets.

There’s a good chance that Chelsea won’t be playing football in Europe next season, meaning Arsenal could use their Champions League status as leverage to secure Rice.

Despite this, The Sun claims that Arsenal will still face fierce competition for their summer target with their London rivals, Chelsea, also chasing the midfielder.

If it’s stability that Rice is searching for, then Arsenal would be the optimal choice. Mikel Arteta has built a squad to be reckoned with and has become an increasingly attractive option for Rice.

Rice does, however, share a close bond with Chelsea ace Mason Mount and their long-standing interest may play a part. However, Mount has been reported by Fabrizio Romano previously as being likely to depart Stamford Bridge this season, meaning the league leaders should have no problem putting themselves ahead of their London counterparts in the pecking order.