Arsenal have decided to pay Declan Rice £350,000 per week as salary to stop him from joining Real Madrid, according to reports.

TEAMtalk reported on September 7 that Real Madrid are keen on a 2027 deal for Rice.

The reliable transfer news outlet claimed that “influential figures” at Madrid “have pushed for the England midfielder to be considered a priority target”.

Rice has been on the books of Arsenal since the summer of 2023 and has established himself as one of the best midfielders in the world.

Arsenal paid West Ham United a total of £105million, including add-ons, for Rice at the time.

The England international midfielder has been a huge success under Arsenal manager Mikel Arteta.

Rice was one of the Gunners’ best players last season, as the north London club won the Premier League title and reached the final of the Champions League.

The 27-year-old is under contract at Arsenal until the summer of 2028, with the option for a further year.

Talks between Arsenal and Rice over a new deal have been going on for a while, and it now seems that the two parties are close to an agreement, which is bad news for Madrid.

Declan Rice to sign new Arsenal contract

According to BBC Sport’s Senior football correspondent, Sami Mokbel, Rice is ‘close to agreeing a new long-term Arsenal contract’.

Arsenal are so determined to keep Rice that they are ready to make him the club’s highest-paid player alongside Bukayo Saka.

The report stated: ‘Rice would receive a significant increase to his reported £240,000-per-week salary, putting him on a par with the club’s best earner Bukayo Saka, who is believed to be paid about £350,000 a week.’

Transfer guru Fabrizio Romano has also said that Arsenal are closing in on a new deal for Rice.

Romano wrote on X at 11:35am on October 9: “Arsenal are closing in on new deal for Declan Rice after Mikel Arteta, plan 100% confirmed.

“Rice has already decided to stay and sign soon with final details of new deal now being discussed.

“#AFC confident to close it soon, as @SamiMokbel_BBC reports.”

On Wednesday, Arsenal announced on their official website that manager Arteta has signed a new contract.

Arteta said: “It’s a privilege to commit my future to the club and to continue to work with exceptional people who want the best for Arsenal.

“This club is unique, its character and the way it makes you feel, and I have a great sense of privilege that our journey together will continue.

“We have already built a special bond and created memories that will last a lifetime, and what is so exciting is that this is only the beginning of what we can achieve together.

“I’m extremely grateful to Stan and Josh for their trust and support, and feel honoured to be leading this club through such a special period in its 140-year history.

“This is such a proud moment for me and my family. I feel the love and respect from our fantastic supporters, and they have mine – and ours – in return.”

Arsenal CEO Richard Garlick added: “This is an important time in Arsenal Football Club’s history.

“We want to create a winning era together with Mikel. We will continue to work hard together as we aim to fulfil our long-term ambitions for the club and our supporters.

“Mikel has the belief, determination and the understanding of what it takes to build something remarkable and enduring here, and we are excited to continue that journey together.”