Moyes was West Ham manager when Rice was sold to the Gunners for£105m.
Ahead of tonight's visit of Arsenal to Hill Dickinson stadium, Moyes insists: "I genuinely meant it at the time — I thought Declan was £150m.
"I thought we didn't get enough at West Ham.
"We had offered Declan huge contracts but we couldn't get him to stay. So the club had to do what they had to do.
"I'm still in touch with him. I am going to abuse him (tonight) maybe!"
Arsenal manager Mikel Arteta was Moyes' captain when they were together at Everton.
The Scot also said: "Mikel was clever in his football thinking. He knew how he wanted to play.
"He had a really good upbringing — Paris Saint-Germain, Barcelona, Real Sociedad, Glasgow Rangers. He had been around and seen a lot of really good clubs with good set-ups. He was a wee bit of a moaner at times as well!
"He wanted things done right. He was a great captain and great player for us. Mikel was one of my best signings.
"He has rung me (since becoming a manager), also to ask for favours. He has taken my players too cheaply in the past! He's a good lad, Mikel, and he is doing amazing."