I don't know why West Ham are valuing Declan Rice this high, the transfer fee is absolutely outrageous and i don't even think Rice is worth half of the money West Ham are requesting. It has become the norm with English players, the likes of Jack Grealish, Jude Bellingham and others who were sold for an outrageous amount of money.
Declan Rice wants to move to Arsenal, and for now they are the only team that have sent a bid (2 bids actually) to West Ham, though the bids were rejected, i think Arsenal are going to make one last bid for Declan Rice and i expect West Ham to accept it, or else another team might join in the race to sign him.
David Moyes is willing to allow Declan Rice leave this season and is looking for a replacement. Clubs are competing to sign him, but Arsenal is the frontrunner with their proposals. English players are highly prized in the market, and despite their erratic peak, they are constantly overhyped in the transfer window. Last summer, Westham unexpectedly outbid everyone else for Declan Rice. The possibility is owing to the new club's achievement, winning the European Conference League title, which alone initiates the bid for the club's most important player.