Arsenal are finalizing a new long-term contract for Declan Rice that will raise his weekly wage to approximately £350,000. The agreement places the midfielder on equal financial footing with club top earner Bukayo Saka.

Rice arrived from West Ham for £105m in July 2023 and has quickly become a squad cornerstone. His current deal expires at the end of next season. Contract discussions, first reported in March, have now reached an advanced stage. The 27-year-old has made 165 appearances and helped the club secure the Premier League last term, ending a 22-year wait for the title.

The new contract represents a substantial pay bump from his reported £240,000-per-week salary. The club is moving swiftly to secure the midfielder's long-term future as his existing agreement nears its final stages.

Rice has collected 80 caps since switching his international allegiance from the Republic of Ireland in 2019. He recently stepped back from Thomas Tuchel's England squad ahead of a three-week training camp. Tuchel has previously praised the player, describing him as one of the "best midfielders in Europe".

The contract talks follow a week of managerial stability at the club. Arsenal boss Mikel Arteta announced a new four-year deal on Wednesday. Rice is expected to start in the Premier League clash against Leeds on Saturday at 12:30 BST.