Due to the COVID-19 pandemic, West Ham are said to be ready to part with Rice for around £50 million.
Rice remains a big transfer target for Chelsea, with manager Frank Lampard said to be particularly keen on signing the Englishman.
However, the 22-year-old's father (and agent) Sean is said to be working with a handful of clubs to sort his son's future.
With several streams of revenue being completely broken down due to the pandemic, West Ham are said to be open to lowering their asking price for Declan Rice.
They have lost money off ticket sales for close to a year now. With no fans in the stadiums across England, sponsorship terms have also taken hits.
The report states that with the lowered asking price, there is now a four-way fight to sign Declan Rice in the summer, with Liverpool, Chelsea, Manchester United and Manchester City all interested in signing him from West Ham United.
Declan Rice to choose between clubs based on playing position
Despite interest from all the big clubs, Declan Rice is said to be considering the position he would be playing at the club he joins. Chelsea have already said that they would want to use him as a long-term solution at centre-back, while Liverpool and Manchester United are leaning towards using him in midfield.
In his YouTube show "Ask Ornstein", The Athletic's journalist David Ornstein said that there are some important figures within the Chelsea hierarchy who are not entirely convinced by Rice's ability.
Frank Lampard was said to be the one pushing for the move. However, with the manager's future at Chelsea in doubt, there are question marks over whether the Blues will pursue their interest right through to the end.
Declan Rice came through the Chelsea academy as a centre-back before making the move to West Ham. He has since become one of the best players for the Hammers and has even taken up a leadership role.