City emerged as a contender to sign Rice last week. With Arsenal seeing their first two offers rejected, the treble winners entered the race.
City only submitted their opening offer for Rice on Monday. They were prepared to pay £80million with a further £10m in add-ons.
West Ham rejected the bid as they want in excess of £100m. Arsenal have now slapped down an offer of £100m, with a further £5m in add-ons.
City are not prepared to match that bid and have therefore pulled out of the running. Transfer expert Fabrizio Romano says City are now keen on Veiga.
The 21-year-old Celta Vigo star has a release clause of around £34.5m. Romano claims Chelsea and Liverpool remain interested in the player.
However, an approach from City could be bad news for their two Premier League rivals. Chelsea won’t be in any European competition next season, while Liverpool missed out on Champions League qualification.
City are the reigning champions of Europe’s elite club tournament and have won five Premier League titles in six seasons. That proposition could be too hard to turn down for Veiga, with Chelsea and Liverpool left looking for alternative targets of their own.
Veiga is a central midfielder who came through the ranks at Celta. He has made 55 first-team appearances for the club, scoring 11 goals.
He wouldn’t be a like-for-like alternative to Rice for City, as he is a more forward-thinking midfielder. Veiga could be more of a replacement for Ilkay Gundogan, who will join Barcelona at the end of his contract.
City have already signed another player who could step into Gundogan’s shoes. They officially announced the signing of Mateo Kovacic from Chelsea on Tuesday.
Kovacic, 29, has signed a four-year deal to move to the Etihad. He spoke of his delight at the move after it was announced.
Kovacic said: “This is a brilliant move for me, and I cannot wait to get started with City. Anyone who has watched this team under Pep knows how good they are – for me, they are the best in the world.
“The trophies they have won are clear for all to see, but they are also the best footballing side out there. To be joining this squad really is a dream for any footballer.”
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