Rice has developed into an important figure at the heart of the Hammers’ midfield and he played a key role for the club last term as they avoided relegation from the top-flight.
He was the subject of interest from Chelsea earlier this summer, but a deal never materialised as they were unlikely to meet the reported £80m price tag.
According to The Sun, the hierarchy are now keen on keeping hold of the 21-year-old and they are ready to double his current wages worth £60,000-a-week.
However, he has since made immense progress with the club and the board are aware of the need to double his salary to keep him happy.
On top of this, they have mutually parted ways with midfielder Jack Wilshere, who was earning £100,000-a-week and that has freed up funds to offer Rice an improved deal.
A new £120,000-a-week contract would make Rice the highest earner at the Hammers and some of the club’s faithful believe it is a no-brainer.
@_DeclanRice take the new contract and double the wages too because you are claret and blue through and through coyi
— Brian street (@Brianst11247466) October 9, 2020
Get it done mould the team around him and let him know his worth to the club 🔨
— Tom Rowe (@Tom_Rowe20) October 9, 2020
— Charlie Hutchinson (@C_Hutchyy) October 9, 2020
— ⚔️ (@CaptReckless) October 9, 2020
Needs to be THE top earner at the club
— _andy_robbo_ (@andyrobbo19) October 10, 2020
— Raythehammer (@Raymondosmithy) October 9, 2020
— Omar⚒️ (@WHUOmar) October 9, 2020
Stats from Transfermarkt.com