The Blues have been strongly credited with an interest in the 21-year-old during recent transfer windows and are expected to revive their pursuit of him in January too, despite West Ham reportedly valuing him at around £80m.
Should Chelsea complete a deal then it would highlight a costly decision by the club to release Rice at the age of 14, but the England international believes that was the best thing to have happened to him.
"I think that's the making of me to be honest with you," Rice told Sky Sports News.
"I had to move to West Ham at 14, away from my family. I'm a family boy, love my mum and dad, live at home with them, and to leave them at 14 to play with people I don't know from Monday to Friday, I think that shaped me into the person I am.
"I had to start being responsible for myself, but look, I've come here and flourished. I've had three managers that have really looked after me, I'm loving life here."
Rice has become a regular for club and country since breaking into the West Ham first team, making 119 appearances for the Hammers and winning 13 caps for England. body check tags ::