West Ham will not hold further talks with Declan Rice until the summer transfer window has closed after the midfielder turned down an eight-year contract worth £83m.
Chelsea and Manchester United are interested in signing Rice this summer, but the 23-year-old's contract has two years to run and West Ham have the option to extend it by a further 12 months until 2025.
West Ham offered Rice a new contract worth £200,000 per week - which would make him the highest-paid player in the club's history - but the 23-year-old has rejected all offers and is open to leaving this summer.
The Hammers would be prepared to sell Rice, who joined the club at 14 after he was released by Chelsea, for the right price in the summer of 2023 if he does not sign a new contract.
West Ham manager David Moyes has said that Rice is worth at least £150m, while reiterating the club's position that the England international is not for sale.
Analysis: West Ham's resolve to be tested
Sky Sports' Zinny Boswell:
West Ham are in a strong position when it comes to Declan Rice, with his deal effectively running until 2025, but it remains to be seen whether they will be able to stick to their guns when the expected bids come in.
Manchester United are in desperate need of midfield reinforcements, with Paul Pogba and Nemanja Matic leaving at the end of this season, in a position they were already short in before this season.
At Chelsea, it remains to be seen when the takeover led by Todd Boehly will be given government approval, but the Blues hold a special place in Rice's heart, having supported the club and played for their academy.
Whether Chelsea will be comfortable paying in excess of £100m for a player that was once on their books remains to be seen, but they have already missed out on Erling Haaland due to the government-imposed restrictions and will be keen not to be left playing catch up in the transfer market.
The offer of an eight-year contract is unusual in modern football. It begs the question of why West Ham would offer it, and why Rice would accept it if he has ambitions of competing for the biggest silverware?
For West Ham, it is simple, if Rice extends for eight years they protect the value of their asset, while also sending a clear message of intent to supporters about their plans going forward.
Rice is in a difficult position, having signed his deal as a 19-year-old in 2018 when his role in the squad was far less prominent than it is now, and his wages will reflect that.
It leaves Rice either hoping United or Chelsea make an offer West Ham cannot refuse this summer or waiting out the club by running down his deal, accepting that he is going to miss out on the higher wages in the meantime.
Yarmolenko set for West Ham exit
Andriy Yarmolenko will leave West Ham when his contract runs out at the end of next month.
The Ukraine winger moved to West Ham four years ago in a £17m deal from Borussia Dortmund.
Yarmolenko was given time off for personal reasons earlier this season when Russia invaded Ukraine.
He made an emotional return by scoring in the 2-1 win over Aston Villa on March 13.