Declan Rice - FBL-EUR-C4-WEST HAM-PARADE
West Ham United's English midfielder Declan Rice holds the UEFA Europa Conference League trophy on stage at the Town Hall in Stratford, east London on June 8, 2023, following an open-top bus parade to celebrate the team winning the football final against Fiorentina. DANIEL LEAL/AFP via Getty Images

Arsenal has completed their acquisition of defensive midfielder Declan Rice from fellow Premier League club West Ham United, according to Italian football journalist Fabrizio Romano.

The Islington-based club shelled out $127 million for Rice, plus $6.3 million in add-ons. The amount will be paid in three installments over the course of 24 months.

The 24-year-old is now the costliest signing ever by the Gunners and the most expensive English player of all time.

Rice will now undergo medical tests and finalize personal terms with Arsenal.

Treble-winners Manchester City was previously in the race for the outgoing West Ham United player, matching Arsenal's initial $114 million bid. However, the European champions backed out when the London club improved their offer.

Rice joined West Ham's youth ranks as a 14-year-old, and he made his first team debut in 2017, appearing in 245 matches.

Declan Rice is one of the world's best

Arsenal had secured themselves a top-quality player hoping to make a run at the Premier League title again.

The club infamously led the Premier League for most of the 2022-23 season before a stunning collapse in the campaign's final months.

Rice is widely considered one of the best defensive midfielders in the world, particularly known for his athletics, tackling, and ball-carrying skills.

The new most expensive English player ever helped West Ham win the UEFA Europa Conference League last month, their first major trophy since 1980 and their first European trophy since 1965.