Arsenal have confirmed the signing of Declan Rice in a British record transfer.

The fee paid agreed between the Gunners and West Ham for the England midfielder eclipses the £100m Manchester City paid for Jack Grealish two years ago and also breaks Arsenal’s record for a new signing.

Rice, 24, moves for an initial £100m fee with £5m agreed in add-ons, following long-running negotiations to determine the exact structure of the payments.

“We’re really happy that Declan is joining us. He is a player with tremendous ability, who has been performing at a high level in the Premier League and for England for a number of seasons now,” said manager Mikel Arteta.

“Declan is bringing undoubted quality to the club and he is an exceptional talent who has the potential to be very successful here.”

The deal marks the highest fee ever received by West Ham, who signed the Londoner as a teenager after he was released by Chelsea.

Arsenal have already forked out £65m for Kai Havertz this summer along with a £38.5m deal for Jurrien Timber from Ajax.

Timber joined on Friday afternoon following a delay to his announcement while Rice’s move was reportedly held up by the Hammers waiting for their London rivals to send the final paperwork to complete the deal.

West Ham are expected to use the money earned from Rice’s sale by bolstering their midfield in particular, with Fulham’s Joao Palhinha a top target.

“Declan is a player with fantastic ability and a proven record at both club and international levels,” said Gunners sporting director Edu Gaspar.

“The process of this transfer has been a big team effort with a clear plan, and we are so happy that Declan is joining us.

“Declan is a high-quality, young international player who will add great strength to our squad, fitting so well into our strategy of competing with young talented players at the centre of our club.

“It’s great that Declan will be joining up with Mikel, our coaches and his new teammates in good time ahead of the new season.”