The England international was one of a few injury doubts before the visit of the Tricky Trees, alongside Bukayo Saka, Leandro Trossard and Riccardo Calafiori, all of whom have made the first XI.
However, Rice has only been considered for a spot among the replacements, as has fellow regular Thomas Partey, which means Jorginho unexpectedly partners Mikel Merino in the deeper midfield slots.
Arteta has also dropped Kai Havertz and Gabriel Martinelli from the starting lineup, instead selecting Trossard and Gabriel Jesus to link up with Saka in the final third, but Calafiori is fit enough to start at left-back as Jurrien Timber starts on the right in place of the injured Ben White.
Likewise, Nottingham Forest's XI also has an unfamiliar feel to it, as Nuno Espirito Santo has made the bold decision to drop eight-goal striker Chris Wood to the bench after his exploits with New Zealand.
Taiwo Awoniyi starts up front at the Emirates instead, and there is also no place in the squad for creative hub Morgan Gibbs-White, who has seemingly picked up an injury; James Ward-Prowse has been drafted into the XI in his place.
Arsenal starting lineup: Raya; Timber, Saliba, Gabriel, Calafiori; Odegaard, Jorginho, Merino; Saka, Jesus, Trossard
Subs: Neto, Kiwior, Zinchenko, Partey, Rice, Sterling, Nwaneri, Martinelli, Havertz
Nottingham Forest starting lineup: Sels; Aina, Milenkovic, Murillo, Moreno; Yates, Dominguez; Elanga, Ward-Prowse, Hudson-Odoi; Awoniyi
Subs: Miguel, Morato, Williams, Wood, Toffolo, Jota, Sosa, Boly, Da Silva Moreira