Arsenal have reportedly 'almost agreed a fee with West Ham' for Declan Rice. The two London clubs still need to finalize the payment structure before the Hammers allow their skipper to leave.

The Gunners are widely recognized as the frontrunners for the 24-year-old's signature but the race remains open, with Bayern Munich also in contention for the England international.

West Ham owner David Sullivan has confirmed to talkSPORT that the Conference League winners have a gentleman's agreement in place with Rice for his departure this summer.

The 74-year-old had claimed on Thursday that he was expecting to receive offers for his captain fantastic immediately after he led the Hammers to European glory in Prague in midweek.

Express Sport understands Arsenal are yet to table their opening proposal, The Independent are reporting that the two clubs are close to agreeing a fee, although the transfer is far from sealed.

The report states: 'There has been progress with Arsenal, although they are still some way apart from West Ham United as regards how the purchase is made. A fee is almost agreed but West Ham want the payment to only be over two instalments.'

West Ham are understood to be demanding a large part of their valuation upfront as they wish to swiftly invest in replacements for their departing skipper.

Fulham's Joao Palhinha, Southampton captain James Ward-Prowse and Ajax's Edson Alvarez are among the targets of interest although the Mexican international is also being courted by Borussia Dortmund.

In attack, West Ham are also leading the race for Leicester winger Harvey Barnes following the Foxes' relegation to the Championship.