Rice has been the subject of serious criticism from Souness for the past 12 months.
The ex-Liverpool captain and manager, who was an outspoken critic of Manchester United’s Paul Pogba, appears to have a new £100 million midfielder in his sights.
On Three Up Front, Souness said: “When you talk about players who are overhyped, you also have to factor in transfer fees, and Declan Rice comes to mind.
“I don't think he is worth the £100 million that Arsenal paid for him.”
“I would also mention Jack Grealish in that conversation,” the Scot added:
“£100 million is a lot of money, and for that, you're looking at signing a world-class footballer.
“My definition of that is someone who gets into any team in the world. I think there are only a handful of world-class players in the Premier League at any one time.”