Rice joins Jurrien Timber, who left Ajax for the Emirates Stadium in a £38m transfer, and Kai Havertz, a £65m signing from Premier League rivals Chelsea.
Rumours towards the start of the window claimed that Mikel Arteta and technical director Edu wanted five signings this summer with two midfielders, a right-back, a centre-back and a forward on their list.
Their £208m splurge on Rice, Timber and Havertz leaves the potential for two more signings before the end of the transfer market and Spanish publication Fichajes are convinced they will go back in for Brighton’s Caicedo.
Arsenal reportedly bid £70m for the Ecuador international in the January transfer window but, despite Caicedo pushing for a transfer, Brighton convinced him to sign a new deal once the transfer window shut.
Chelsea and Liverpool have both been mooted as potential destinations for Caicedo with Football Insider insisting earlier this week that the Blues are ‘close to agreeing’ an £80m deal for the 21-year-old.
However, Fichajes insists that Arsenal ‘are considering making an offer’ for Caicedo despite their huge outlay already this summer and the Gunners ‘have made it clear that they are willing to make a financial effort to ensure they form a truly insane team’.
Arsenal ‘seem determined to reinforce their centre of the field with the incorporation of Caicedo’ but the report acknowledges it ‘will not be an easy task’ because of interest from Chelsea.
When asked about interest from Chelsea earlier this week, Caicedo told La Cancha Con Majo: “It’s a big team, that’s true, a very historic team.
“I can’t say no because it’s a very big, historic, beautiful team. And the city as well is beautiful.”
On how he deals with the speculation, Caicedo added: “It’s a very great emotion. What guy wouldn’t want them to be talking about him?
“I know how to handle it. I don’t get carried away by emotions. I’m enjoying time with my family for now. There is pressure, but I am calm.
Despite wanting to leave, Caicedo has a lot of praise for current club Brighton, he continued: “They opened the door for me in the Premier League. I am very happy to be there, all the moments that I have shared there I will always carry with me.