Rice joined Rangers from Motherwell in 2022 and quickly emerged as one of the most exciting young midfielders in Scotland, making his league debut against Livingston in February 2023 at the age of 16 years and 137 days — the second-youngest post-war player to appear for the club in the league.
His potential attracted attention from Manchester City and Brighton before he committed to Rangers on a long-term deal.
This season has been defined by misfortune. A knee injury sustained in a training ground incident in November required surgery and has restricted him to a single appearance. He returned to training under manager Danny Rohl in March and has been building back steadily since.
Transfer journalist Fabrizio Romano confirmed last month that Ajax and Schalke are both pursuing Rice, with Schalke having already submitted an initial personal terms offer. Rice has not agreed to a new deal at Ibrox and is said to be open to a move, with Rangers accepting they may lose him for nothing.
The Daily Mail report that Nottingham Forest have now joined the queue, with Aston Villa, Sunderland, and West Brom also monitoring his situation. Forest's involvement is significant — as a club preparing for either a Europa League final or a high Premier League finish, they represent a more ambitious destination than the Championship-level alternatives.
Former Rangers captain and manager Barry Ferguson has publicly urged the club to keep Rice, arguing he has the potential to develop into a genuine first-team asset. Whether his words carry any weight with the player now appears doubtful.
Rice is a left-footed defensive midfielder with 16 Scotland under-21 caps to his name.