The Gunners need a result as they battle a form slump.
Rice told Arsenal.com: "Yeah, we’re ready. It’s a massive game. Every time you play a London derby, it speaks for itself what it means. You never want to lose one of them. Last season we had good results in our London derbies and it’s going to be important for us this season as well. We know as a group of players what we can do on the football pitch.
"We can get three points, go out there and play well. It’s about doing it on the day. Chelsea are a really good team so we have to earn it, go out there and give it everything. I’m sure after the recent run of results we’re going to be up for it. We’re not going to need any extra fire to go out there. We know what we need to do.
"I think the transition they’ve made this season has been amazing compared to last season. The coach, I worked with him at West Ham for a few years, so I know Enzo really well and he’s a really good guy. They’ve got a young, exciting squad of players, so fair play to them for what they’re doing because there was a lot of negative talk about Chelsea last season. They’ve put that behind them to play how they’ve done this year with their style of play and attack, so credit to them. It’s set up to be a really tough game."