Arsenal have submitted a second offer for West Ham United midfielder Declan Rice but still remain short of the player's £100 million ($127m) valuation, sources told ESPN.

The North London club had an opening bid rejected last week and have now returned with a revised bid totalling around £90m ($115m).

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Although the overall package is a similar amount, sources suggest more of the initial £75m ($95.5m) payment would be paid up front while the proposed £15m ($19.1m) in add-ons are viewed as more attainable than previously indicated.

It remains to be seen if West Ham accept Arsenal's bid or continue to hold out for a higher fee. Given they value Rice in excess of £100m, the expectation is it will be rejected.

Manchester City hold an interest in Rice, but as yet, they have not chosen to enter the running with a formal offer.

For the time being, City continue instead to finalise a move for Chelsea's Mateo Kovacic, who is keen on a move to Etihad Stadium.

West Ham chairman David Sullivan confirmed Rice, 24, will leave the club this summer, saying Rice "has his heart set on going."