Rice is destined to leave West Ham this summer with Premier League leaders Arsenal viewed favourites for his signature.
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But Chelsea have a long-standing interest in their former academy product and owner Todd Boehly is seemingly willing to sanction his return to Stamford Bridge.
Recruitment chiefs believe he could form a formidable partnership with record signing Enzo Fernandez.
Chelsea have spent £600m in the two transfer windows since Boehly has been at the helm and would have to fork out another £100m to land Rice.
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The England midfielder spent seven years on Chelsea's books before being let go as a 14-year-old.
Liverpool's Jude Bellingham alternatives
Liverpool are keeping tabs on not one but two Portuguese stars after cooling their interest in Jude Bellingham.
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The Reds are considering reviving their interest in Wolves midfielder Matheus Nunes, who they came close to signing before his move to Molineux from Sporting Lisbon.
Jurgen Klopp is also an admirer of Nunes's fellow countryman and Fulham ace Joao Palhinha.
Both players are expected to feature on an extensive list of targets being drawn up by scouts after pulling out of the race to sign Bellingham due to Borussia Dortmund's £125m asking price.
Klopp has made overhauling midfield his main priority heading into the summer transfer window.
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Leeds star set for big move
Leeds face a fight to keep hold of teenage talent Wilfried Gnonto - even if they stay up.
Gnonto, 19, only moved to Elland Road from Swiss side FC Zurich last summer but has enjoyed an impressive breakthrough season in the Premier League.
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Clubs including AC Milan and Juventus are keen to bring the pacy Italian international to Serie A.
talkSPORT understands there is also genuine interest from Chelsea.
If they do sell, Leeds can expect to make a huge profit on the £4m they paid for the 19-year-old.
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Bournemouth saga takes new twist
Jordan Zemura has still not officially informed Bournemouth he is leaving - despite Udinese announcing his signing on social media!
As previously reported in this column, left-back Zemura has played his last game for the Cherries after ignoring the offer of a new contract worth £30,000-a-week plus bonuses.
Cherries officials only found out he had signed a pre-contract agreement with Udinese when the Italian side made it public.
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Zemura has been banished to train with the south coast side's development squad following his new deal snub.