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After lengthy negotiations, a deal worth £100m, plus £5m in add-ons was agreed last week, but there were further discussions over the structure of the initial amount.
The Athletic report that both clubs are now happy and West Ham have given their captain permission to finalise personal terms with the Gunners and undergo a medical.
There is not expected to be any issue on either of those fronts, meaning the 24-year-old will become an Arsenal player in the coming days.
While it has been expected that Rice would become an Arsenal player this summer for some time, negotiations have not been entirely straight forward.
The Gunners tried to get the England star for less than the astronomical £105m they have agreed, while Manchester City also matched their lower bid of £90m, trying to gazump their move.
The Gunners have their first pre-season friendly on 13 July against Nurnberg, followed by meetings with MLS All-Stars, Manchester United, Barcelona and Monaco. Mikel Arteta will hope to have Rice involved as early as possible in that schedule as he intorgrates him into his new-look team.
Kai Havertz has already arrived at Arsenal this summer, signing from Chelsea, and the German is expected to play alongside Rice in a very different midfield to the one that took the Gunners to finishing second in the Premier League last season.
MORE : Arsenal targeting £50m-rated Southampton star Romeo Lavia after Declan Rice and Jurrien Timber deals
MORE : Declan Rice cuts short holiday to complete £105m Arsenal transfer
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