Rice has been embroiled in protracted contract negotiations since breaking into the West Ham first team last season.
The former Chelsea youth player became an integral part of firstly David Moyes' setup and now Manuel Pellegrini's side.
Negotiations between the players’ representatives and West Ham over a new deal have become difficult in the past few weeks.
Rice, who earns about £3,000 per week currently (Evening Standard), recently rejected an offer of £15,000 per week plus £20,000 for every Premier League start and a salary rise after every 15 Premier League games.
The key to satisfying Rice's demands appeared to be offering a higher basic wage.
But West Ham are understandably scarred by dishing out big money to the likes of Reece Oxford and Ravel Morrison in the recent past only to be left hugely disappointed with the return.
And crucially the East Londoners have made it clear that if the latest offer is not accepted, there will be no further discussions before the end of the season.
According to the Standard, the club’s final offer is £21,000 per week, a £5,000 salary increase after every 15 Premier League games and – as before - £20,000 for every start.
That means, should Rice remain one of the first names on the teamsheet as he is currently, by the end of the season in May he could be on a weekly wage of £51,000 per week without win bonuses and the like.
That's a guaranteed £1.5 million in wages for the season with the potential to earn as much as £2 million.
Not bad work for a teenager if you can get it.
The figures would make Rice one of the highest paid teenagers in the Premier League and would put him in line to earn nearly £70,000 a week by the end of next season.
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