The England international underlined his importance to David Moyes' side yet again with a match-winning performance against Kidderminster Harriers from the bench in the FA Cup.
Rice, 23, has deservedly attracted the attention of some of the biggest Premier League sides for his performances at the heart of the Hammers midfield and is adding goals to his game.
The West Ham vice-captain has previously cited Gerrard as an inspiration, with his style of play beginning to mirror the former Liverpool captain, although it remains unclear just how far he can go with the East End outfit.
The club sit fifth in the Premier League and have advanced to the latter stages of both the FA Cup and the Europa League, yet even if they can achieve Champions League qualification it may not be enough to keep their star man.
Andy Townsend believes the lack of investment could hurt West Ham, effectively propelling Rice away as he seeks to add even more to his game.
He said on Drive: "When you say, 'Can he reach the levels that Steven Gerrard and Frank Lampard reached?'
"The truth of the matter is, he is only going to reach those levels if he moves.
"He can only do that if he is playing for a City, or Liverpool, or one of the clubs that are, at the moment, right in the thick of things to win everything.
"That is the only way he is ever going to be compared to guys like that."
Adrian Durham has witnessed the former Republic of Ireland man develop into one of the finest midfielders in the country.
And while the West Ham academy is famed for producing top class talent, the Drive host argues none of the graduates in recent years can compare to West Ham's current No.41
He said: "My message to West Ham fans is this; they need to enjoy every single moment they have of seeing Declan Rice in a West Ham shirt.
"He's a joy, he is one of West Ham's best players ever - in the modern era I am talking about - Declan Rice leads the way.
"So every game, every chance you get to see Declan Rice play in a West Ham shirt, savour every moment you get."