Rice is set to leave the club during the transfer window, with Arsenal his likeliest destination at this stage, although the likes of Manchester United, Chelsea and Bayern Munich hold an interest in the midfielder.
The 24-year-old is going to cost somewhere between £90m-£110m as the Europa Conference League winners stand firm on his valuation, while also admitting that he is keen to move on.
The Hammers have already drawn up a shopping list as they plan how they are going to spend the huge cash injection.
The Telegraph report that Leicester City’s Harvey Barnes, Southampton’s James Ward-Prowse and Ajax star Edson Alvarez are all wanted by the east London club.
Barnes and Ward-Prowse both suffered relegation from the Premier League this season and there will be no shortage of clubs willing to give them an immediate return to the top flight.
The report states that West Ham are leading the chase for Barnes, but there is more competition for the other two targets.
Aston Villa have bid for Ward-Prowse in the past and could return with another offer, while Newcastle have also been linked with a move for the England international.
However, there is a significant stumbling block as Southampton still want around £50m for their captain despite relegation to the Championship, according to The Telegraph.
There will also be competition for Alvarez, who has been linked with Chelsea in the past, and is of interest to Borussia Dortmund as they look for a replacement for Real Madrid-bound Jude Bellingham.
Brentford have also been touted as a possible destination for the 25-year-old Mexico international who is likely to cost around £35m, with two years left on his Ajax contract.
MORE : West Ham demand Premier League record fee for Arsenal and Manchester United target Declan Rice
MORE : Bayern Munich enter race for Man Utd target amid fears Declan Rice will head to Arsenal
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