Arsenal Football Club is on the brink of a sensational signing as the Gunners are set to ink a deal with West Ham United's captain, Declan Rice. The club, known for its cautious spending, appears to have shifted gears with a record-breaking £105 million deal, set to be the largest fee ever exchanged between two British clubs.

The saga, which has had fans on tenterhooks for the past month, appears to be culminating as the financials are finalized. An understanding has been reached where Arsenal will dispense the initial £100 million over two years, insiders told Sky Sports News. Following this payment agreement, Rice is expected to undergo a medical and sign a long-term contract with the North London club this week.

The transfer will trump Arsenal's previous record transfer, the £72 million purchase of Nicolas Pepe in 2019, and come just shy of the all-time British transfer record of £106.8m.

Since his professional debut in 2017, Rice has been a lynchpin at West Ham, making 245 appearances and ascending from a youth team player to club captain. He etched his name in the club's history books by helping the Hammers claim their first trophy in 47 years by winning the Europa Conference League final.

Rice's anticipated arrival at the Emirates Stadium brings excitement as he could provide much-needed strength to the Gunners' midfield. Fans vividly recall a crucial moment in Arsenal's 2-2 draw with West Ham in April, where Rice's quick thinking and agility led to a penalty that shifted the momentum away from Arsenal. His prowess in spotting opportunities, power in gaining possession, and composure in the face of adversity make him an invaluable asset to Mikel Arteta's side.

The acquisition of Rice would make him the second most expensive English player after Jude Bellingham's £115m move to Real Madrid, surpassing the £100m Manchester City paid for Jack Grealish last year. It would also mark the third time an English club has shelled out over £100m for a player.

David Ornstein of The Athletic, considered one of the most reliable in the industry, confirmed the total agreement between Arsenal and West Ham late on Tuesday. With all formalities on track, it is expected that by week's end, Rice will be officially unveiled as an Arsenal player.

Following the signing of Kai Havertz and the anticipated arrival of Jurrien Timber, Arsenal seems to be gearing up for an ambitious season. The final touch of excitement lies in the potential departure of Granit Xhaka to Bayer Leverkusen, providing additional funds for Arsenal to fortify Arteta's squad.