Eight days after the £105 million agreement, the contract has still not been signed. The contracts have not yet been signed by West Ham.
Delays in the documentation being drafted by Arsenal's attorneys are the reason for the holdup.
Rice's Arsenal medical has been cleared, as far as West Ham is concerned. While on vacation in Portugal, he has been constantly training.
Before the team departs for its preseason tour of the United States on Sunday, Arsenal is hoping to finalize the signing of Rice.
Arsenal's previous record buy, Nicolas Pepe from Lille for £72 million in 2019, will be surpassed by the terms of the new contract, which provide for an initial payment of £100 million and add-on payments of £5 million.
Rice's acquisition will fall just short of Chelsea's £106.8 million price tag for Enzo Fernandez in January, which established the British transfer record.