Arsenal are set to be busy this summer, with the Gunners preparing for another huge spending spree to bolster their squad after their failed Premier League title race. Their key area is the midfield, with West Ham star Declan Rice being the no.1 target.

The Englishman captained the Hammers to the UEFA Europa Conference League title on Wednesday, with the London club beating Fiorentina 2-1 in the final. And with that, one huge obstacle has gone out the door, as Arsenal could not enter into negotiations with the player or the club until after the final.

As a result, the Gunners are now preparing to lodge an official bid for the player. Although it was not a secret, West Ham chairman David Sullivan confirmed to talkSPORT that the Three Lions midfielder played his final game for the Hammers and that the club will respect his wish to leave this summer.

West Ham chairman David Sullivan's statment on Declan Rice which confirms that he will leave the club this summer pic.twitter.com/Yas3sOAfp5

— Football Daily (@footballdaily) June 8, 2023

And the great news did not stop there. According to the Telegraph, West Ham, who many had feared would initiate a bidding war due to the growing interest in Rice, are ready to sanction Declan's move to Arsenal for around £92M ($115M), which is the amount the Gunners were preparing to offer after the Europa Conference League final.

There are conflicting reports which claim that West Ham will hold out for the highest fee possible, which is understandable, given the interest from Bayern Munich and Manchester United. However, there is logic behind sanctioning an early transfer as this would afford Moyes' side enough time to overhaul their squad with the funds raised from Rice's sale.

| West Ham want £120m for Declan Rice but they are also open to £100m + a player.

[via @SkyAnton]. pic.twitter.com/QPWoyBK0Pv

— Football Daily (@footballdaily) June 8, 2023

While this is a welcomed update for Arsenal fans, nothing is final until the player puts pen to paper to join Arsenal. Bayern head coach Thomas Tuchel is pushing for the England midfielder, with the German boss having witnessed Rice's brilliance during his time as Chelsea boss. Additionally, while Manchester United might not have the funds to sign both Mason Mount and the West Ham captain, interest from England's biggest club is always a concern.

Arsenal will not want this deal to drag on for long. Mikel Arteta wants two midfielders, at the very least, and is a fan of Ilkay Gundogan and Moises Caicedo. The Brighton ace is also set to depart the Amex this summer and reportedly favors a move to the Emirates Stadium. However, whether the North London giants can afford both Rice and Caicedo is a point of contention.