West Ham's Declan Rice celebrates after winning the Europa Conference League final soccer match between Fiorentina and West Ham at the Eden Arena in Prague, on June 7, 2023. (PHOTO / AP)

Arsenal have reached an agreement to sign West Ham United midfielder Declan Rice in a deal worth over 100 million pounds ($127 million), British media reported.

The 24-year-old England international had received permission to undergo a medical this week ahead of his move across London, the Guardian said.

The report added that West Ham had accepted an offer worth 100 million pounds plus 5 million in add-ons, with the guaranteed portion of the fee expected to be paid in three instalments over two years.

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Reuters has contacted both clubs for a comment.

West Ham chairman David Sullivan said last month that a gentleman's agreement meant Rice can leave despite a year remaining on his contract with the option to extend it by a further 12 months.

READ MORE: Midfielder Rice will leave West Ham, says chairman

Rice joined West Ham's academy from Chelsea as a teenager and has been a mainstay since his breakthrough campaign in 2017-18. He has played over 200 games for the club and helped them win the Europa Conference League last month.