The Blues have already been active in the transfer market and have signed Timo Werner already. They are also reportedly in the hunt to sign players like Kai Havertz.
Having bolstered their forward region, Chelsea are now looking to bolster their defence, and have earmarked Rice as an option.
They are confident that they will wrap up a deal to sign the West Ham star this summer.
Chelsea boss Frank Lampard is desperate for someone who can join his backline and feels a player like Rice can help him challenge for the Premier League title next season.
The 21-year-old is a highly-rated midfielder and has been one of the most confident performers for the Hammers in recent years.
However, Lampard is keen to shift him from the holding midfield position he currently plays in and wants him to play in central defence.
It has been reported that the London rivals feel that they can secure a deal this summer and believe they can get their man for around £45million.
West Ham are likely to lose Rice if they fail to secure Premier League safety. Rice is open to changing positions, and therefore he could be tempted to join Chelsea.