Explained: Why Arsenal’s £105m Declan Rice transfer hasn’t been completed yet

• Midfielder ready for new challenge
• Nine-figure fee set to change hands
• Gunners have landed their top target

WHAT HAPPENED? The Gunners are preparing to make the England international midfielder the most expensive signing in their history after reaching an agreement with Premier League rivals West Ham. The terms of a big-money deal are in place, but no paperwork has been signed.

WHY ARE ARSENAL WAITING ON RICE TRANSFER? The overall fee has been set, with Arsenal ready to shell out £100m ($126m) in guaranteed payments for Rice, with a further £5m made up of performance related add-ons. According to Sky Sports, the Gunners have not been able to announce the arrival of a marquee addition as talks continue regarding the payment structure of a historic transfer.

THE BIGGER PICTURE: The overall fee is not in question, but West Ham are still waiting on answers when it comes to how a nine-figure sum will reach their bank account at the London Stadium. The Hammers knocked back two opening bids from Arsenal, which allowed Manchester City to briefly join the race, but Rice is heading to Emirates Stadium.

IN TWO PHOTOS:

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WHAT'S NEXT: Rice is free to discuss personal terms and undergo a medical with Arsenal, as important boxes are ticked off, with it expected to be only a matter of time before the Gunners reach a compromise with West Ham when it comes to payment structure for the talented 24-year-old.