Manchester City have seen their latest offer for West Ham United captain Declan Rice rejected.

According to The Athletic's David Ornstein, the Premier League champions made a formal proposal Monday night worth £80 million with £10 million in add-ons.

However, the Hammers were left unimpressed and quickly rejected the Manchester City bid.

Arsenal — who appeared to be favorites for Rice's signature — also had a club record bid worth £90 million (£75 million plus £15 million in add-ons) turned down earlier this month which prompted City to make a move.

As things stand, West Ham appear to be holding out for £100 million for their departing captain.

Despite two failed bids, the Gunners are still said to be favorites to land Rice after reports stated he was wowed by the vision of manager Mikel Arteta.

Additionally, the England international would prefer to stay in London making Arsenal the ideal choice.

But if Arteta is to get his man, it appears he will need to offer £100 million while spreading the initial upfront payment over fewer instalments.

The good news for Arsenal fans, according to The Guardian's West Ham correspondent Jacob Steinberg, is that the club is planning a third bid.

“The sense until now has been that Rice’s preference is to join Arsenal. He admires Arteta’s football and sources have stressed that the 24-year-old does not want to leave London.

“Arsenal are planning a third bid and are likely to need to counter City’s offer by meeting West Ham’s asking price. There has been an expectation that they would end up paying over £100m once add-ons were taken into account. Arsenal will not have a problem agreeing personal terms with Rice.”

Hopefully, we will get closure to the Rice transfer saga in the coming days.