Asked if he can see Arsenal spending £120m, Smith said: "No I can't really, I have to say, not £120m. We saw their negotiation tactics with Mudryk when he was linked with Arsenal and they would only go up to a certain price, and after that they were out.
"They left it to Chelsea with Mudryk. If somebody else wanted to bid silly money for Declan Rice, having spoken to people on the recruitment side, people on the board at Arsenal who have given me an idea of how they work, yeah they've got a ceiling and they won't be held to ransom.
"They'll have a figure in mind and they'll go up to that if they do want him but they won't go any higher."
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