BBC Sport reports that Arsenal have begun negotiations with Rice about an extension.
Arsenal want to secure Rice a new long-term contract and are ready to increase his current wage of £240,000 a week.
His contract with the Gunners extends until the summer of 2028 with an option for another year.
Rice, 27, left West Ham for local rivals Arsenal in the summer of 2023.
The England international at the time was the most expensive signing in the Premier League.
Arsenal paid £100 million plus £5m in bonuses for Rice.