Aldridge likens Rice to Liverpool greats Steven Gerrard and Graeme Souness.
He told the Sunday World: "He's been outstanding.
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"All great teams need an anchor and I go back to all the great Liverpool teams and they had guys like Tommy Smith, Graeme Souness and Steve Gerrard in the midfield. Then you look at Roy Keane for Manchester United, who was fantastic for them,
He (Rice) has come in and fitted the bill for Arsenal. He has been brilliant for them, the player of the season for them.
"He has given then belief and is getting goals now. He has been a fantastic buy.
"Prices are prices and if you don't spend it on players their wages, the owners get the money. So it's all relevant when you sign a top player."