The deal to take the 24-year-old England international from East to North London is understood to have been agreed more than a week ago, but delays in the paperwork had caused the saga to drag on.
However, West Ham have now confirmed that their captain has left for a British record transfer fee, eclipsing the £100m Manchester City paid for Jack Grealish in 2021.
The Hammers' statement was noticeably missing any specific mention of Arsenal by name following reports that the Europa Conference League winners had grown frustrated with their London rivals due to the delay in finalising the deal.
Official confirmation has not yet arrived from Arsenal either, although the Premier League runners-up are expected to announce his arrival imminently.
The move means that Rice will join up with his new Arsenal teammates in time to embark on their pre-season tour of the United States, for which they leave on Sunday.
The midfielder becomes the Gunners' third major signing of the summer, joining Kai Havertz and Jurrien Timber — the latter of whom's arrival was confirmed on Friday — at the Emirates Stadium.
Rice joined the Hammers as a 14-year-old and came through the academy before breaking into the first team and going on to become an integral figure for the club.
A three-time West Ham Player of the Season, Rice featured 245 times for the senior side and lifted the club's first major trophy for 43 years in his final game as they won the Europa Conference League in Prague.
In a lengthy open letter to West Ham fans, Rice said: «I want you to know how tough a decision it has been for me to leave an environment that I have loved and cherished so much.
»Ultimately, though, it
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