Rice, 20, will see his Owls contract expire at the end of this month, with the club confirming a few weeks’ back that the young defender would not be offered a new contract at the club.
The centre back, who signed his first professional deal at Wednesday in 2018, did manage to make his professional debut last season in the FA Cup, but is now looking for the next step in his career elsewhere.
Meet the released ex-Sheffield Wednesday man using Twitter to get his career back on track
Key man ruled out as Sheffield Wednesday travel to Peterborough United
Sheffield Wednesday: Unsavoury scenes as George Byers and Jamie Smith clash after Peterborough United substitution
'Really big' - Sheffield Wednesday's Carabao Cup details revealed as Rochdale's former Owl awaits return
Darren Moore directs passionate message to Sheffield Wednesday fans after half-time boos in Charlton win
According to reports in The Sun, that step could see him make the move north of the border, with Dunfermline interested in bringing him on board to bolster their backline ahead of the upcoming 2021/22 campaign.
Dunfermline missed out on promotion into the Scottish Premiership after qualifying for the promotion Play-Offs last season, but will be eager to try and get the job done this time around – possibly with Rice’s help.
Rice was one of a number of young players at Wednesday who will be leaving the club at the end of the month – with the likes of Ben Hughes, Charlie Reaney and Luke Cox also moving on – however he is the only one who seems to be on the verge of imminently securing a move at this stage.
In terms of incomings, Darren Moore is thought to be working hard behind the scenes in order to try and make plans for the season ahead, however is having difficulties given the issues surrounding unpaid player wages and reported embargo.