After a strong start to the season, the Gunners have more and more faith that they can sign the West Ham midfielder in the summer.
Mikel Arteta, the manager of the Arsenal, is prepared to break the team's transfer record in order to sign the England international.
Rice appears destined to leave the Hammers this summer after the team's £100 million demand.
Rice was expected to be signed by Chelsea this summer, who recently defeated Arsenal to the acquisition of Shakhtar Donetsk attacker Mykhailo Mudryk.
Arsenal, however, thinks they are in a strong position to outbid their competitors this summer for Rice's services.
One of Rice's goals is to compete in Europe's premier club competition, and the league leaders have all but guaranteed their spot in the Champions League for the upcoming season.
However, the Blues are currently in 10th place and might not make the top four of the Premier League.
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