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The potential new fee was £ 30 MILLION less than last summer’s asking price.
It is alleged that West Ham is thinking of lowering their players’ valuations due to the financial impact of the coronavirus crisis.
Chelsea released Rice at the age of 14 but wants him to come back to solve their problems in defense.
However, he played in midfield for West Ham and could see that as his long-term position.
Liverpool and Manchester City would also snoop around the England international.
Rice is under contract at London Stadium until 2024, with the club having an option for another season.
The 22-year-old has established himself as an integral figure for West Ham since his debut in May 2017.
He is also club captain-in-waiting after leading the side when Mark Noble fails to make the XI.
West Ham boss David Moyes has issued a warning to Rice’s suitors.
Earlier this month, he said: “He’s doing an excellent job for as a great leader. Rice has taken a lot of the burden off Mark Noble and the whole club. ”
And former West Ham striker Tony Cottee believes his old club would be foolish not to offer Rice a contract extension.
Speaking to SunSport earlier this month, he said, “I know he signed a five-year deal not too long ago, but make sure he’s tied to the more essential earners and make him a foundation of it. Future team.
“We all know other teams are interested. West Ham should act to secure Declan, so he shouldn’t stray into the last two years of his contract and potentially go on a free transfer.”