The offer exceeds West Ham's £100m valuation for the England star and, if successful, would make Rice the biggest transfer between two British clubs, eclipsing Manchester City's £100m capture of Jack Grealish from Aston Villa in the summer of 2021.
News of the third bid comes after Manchester City's first offer for the Hammers captain, which comprised £80m in guaranteed cash and a further £10m in add-ons, was formally turned down by the Hammers on Tuesday.
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