Rice has been Wenger’s right-hand man since the Frenchman took charge at the club in 1996, a spell which has seen the Gunners claim three Premier League titles and four FA Cups.
The 63-year-old ends a 44-year association with the north London club, where he made over 500 appearances as a player between 1966 and 1980. He will step down after Arsenal’s last game of the season at West Bromwich on Sunday.
“Pat is a true Arsenal legend and has committed almost his whole life to Arsenal Football Club, which shows huge loyalty and devotion to this Club.
“Pat has been amazing for me over the past 16 years. When I first arrived at Arsenal, Pat was always there and taught me so much about this great club.
“I will always be indebted to him for his expert insight into Arsenal and football as a whole. On the training pitches and on matchdays, Pat has always been a passionate, loyal and insightful colleague, who we will all miss.
“Thank you Pat, we’ll miss you and all of us wish you and your family the best of health and happiness for the future. Although, we’ll still see Pat a lot, as I know he’s planning to come to all the home matches as a supporter.”
Arsenal have confirmed that Under-18s coach Steve Bould will replace Rice as assistant boss from next season.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news