In a riveting transfer saga, Manchester City and Arsenal are locked in a tug of war over the services of West Ham United's star midfielder, Declan Rice. Despite having a bid rejected, the deep-pocketed Manchester City is reportedly undeterred, while Arsenal is said to be readying a £100 million offer, insiders revealed.

Manchester City, having recently lost midfielder Ilkay Gundogan to Barcelona, submitted a bid of £80 million plus £10m in add-ons for Rice on Monday. However, West Ham rejected the proposal, with insiders indicating that the club is set on receiving no less than £100 million in upfront payments.

Arsenal's overture of £75 million plus £15 million in add-ons was also rebuffed last week, making this a competitive pursuit of one of the Premier League's most lauded midfielders. Arsenal's quest to secure Rice's signature has been ongoing for several months, and despite Manchester City's evident financial superiority, the Gunners remain hopeful of their chances.

Rice, who has only one year left on his contract with an option for an additional year, is anticipated to leave West Ham this summer. Despite Manchester City's impressive offer, Arsenal seems to have the upper hand with the player's personal preferences; the 24-year-old London native is reportedly keen on moving from the east to the north of the city.

While Manchester City's recent success might be alluring for any player, Rice's eagerness to stay in London and his admiration for Arsenal's rebuilding project could potentially tilt the scales in Arsenal's favor. However, the financial strength of Manchester City, with revenues reaching £619 million, could be a decisive factor in the negotiation process.

West Ham, meanwhile, is poised to maximize the value derived from their prized asset. The club, currently without a set asking price for Rice, could potentially provoke a bidding war, using Arsenal's £100 million offer as leverage with Manchester City.

With the future of several key players like Bernardo Silva, Riyad Mahrez, and Kalvin Phillips still uncertain, Manchester City's pursuit of Rice is unsurprising. Similarly, Arsenal's desire to reinforce their midfield and compete with Premier League heavyweights explains their continued interest in Rice.

The unfolding drama, pitting two of England's top clubs against each other, hinges on whether Rice opts for the stability of a London life or the undeniable allure of joining a club under the successful reign of Pep Guardiola. As the transfer saga develops, football fans worldwide watch with bated breath, eager to see where one of the Premier League's brightest stars will align his future.