Arsenal have reportedly reached a full agreement with West Ham United over a deal for Declan Rice, with the midfielder now preparing to undergo a medical at the Emirates Stadium.
The Gunners had already come to an agreement with West Ham over a £105m fee, although further negotiations were needed to discuss the structure of the payment.
According to the Daily Mail, the two clubs have now settled on a deal, with Mikel Arteta's side set to pay the overall price in three instalments over 24 months.
Rice will now undergo a medical with the North London club ahead of signing a long-term contract, and it is believed that his salary will be at least £250,000 a week.
The 24-year-old captained West Ham to Europa Conference League success last season, while he featured on 50 occasions in all competitions during the 2022-23 campaign.
A host of clubs had been credited with an interest in the midfielder, including Manchester United and Liverpool, but Manchester City emerged as the favourites for his signature alongside Arsenal.
Man City were not prepared to pay over £100m for Rice, though, which gave Arsenal a clear run at securing his signature in the closing stages of the transfer saga.
The Gunners have thus far been unable to officially announce the deal due to initially being unable to come to an agreement with West Ham over the structure of the transfer, but it is understood that a full agreement has now been reached, with Rice set to complete a lucrative switch to Arsenal.
The midfielder leaves the Hammers having made 245 appearances in all competitions, contributing 15 goals and 13 assists in the process.
Arsenal have already signed Kai Havertz from Chelsea this summer, while a deal for Ajax defender Jurrien Timber is said to be close to completion.
Rice will be the club's most high-profile addition in the current market, though, and it is a statement of intent from a Gunners side that finished second in the Premier League table last season.
Head coach Mikel Arteta is allegedly planning to use Rice and Havertz in a midfield three with Martin Odegaard.
Granit Xhaka and Thomas Partey were both important players for the Gunners last season, but the duo are currently being strongly linked with moves away from the club.
Arsenal will begin their pre-season against Nurnberg on July 13, while their first competitive match of the 2023-24 campaign will be against treble winners Manchester City in the Community Shield on August 6.
