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Published 11:08 17 Jan 2023 GMT
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Rice fits into Arteta's vision for Arsenal as a young and aggressive midfielder and the England international has repeatedly said he wants to play Champions League football - something that is almost certainly going to be on offer at the Emirates Stadium next season.
Chelsea meanwhile, who have been long-term admirers of Rice, are some way off their Champions League aspirations and are 10th in the Premier League - ten points outside of the top four and their only likely hope of returning to Europe's elite competition is by winning it.
Despite their poor season Chelsea have always been the favourites to sign Rice. The 24-year-old was at the club's academy until the age of 14, supports the Blues and is also the close friend of key first-teamer, Mason Mount.
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