However, the Blues will have to offer at least £65 million to have a chance of landing the 21-year-old as the London Stadium outfit are desperate to hold on to their man.
The Hammers are looking to bolster their squad this summer, but the coronavirus pandemic has dealt a massive blow on their finances, and they could be tempted to sell their biggest asset at the right price in order to bring in players.
Chelsea are open to a swap deal involving midfielder Ross Barkley and striker Michy Batshuayi for Rice’s signature, but West Ham will reject the attempt.
Frank Lampard’s side reckon the versatile Hammers star could help improve their defence next term after conceding 54 league goals, and the lure of playing Champions League football and winning silverware could tempt him towards an exit.
Rice was released from Chelsea’s academy at the age of 14, but has since become an England international and one of the best players in his position in the top-flight.
He emerged as West Ham’s player of the season after helping the club retain their top-flight status following a brilliant individual campaign, but he could be on his way to Stamford Bridge in the coming weeks.