Chelsea have tested Brighton with an initial offer of £55million and the Blues are now considering following that up with an improved bid for the midfield star.
Graham Potter’s side are hoping to reinforce their midfield department this month and have identified Brighton’s Ecuador international as a potential option.
The Blues boss was the manager who signed Caicedo for Brighton two years ago and is keen on having a reunion with the midfielder at Stamford Bridge.
Caicedo, who joined Brighton in February 2021, has three years left on his contract at the Amex.
Chelsea have identified Caicedo as a possible replacement for N’Golo Kante, who has been a long-term injury absentee this season.
Chelsea have embarked on a significant transfer spree since since Todd Boehly took Chelsea off Roman Abramovich.
The Blues have already made the additions of Datro Fofana, Andre Santos, Benoit Badiashile, Mykhailo Mudryk, Joao Felix and Noni Madueke during the January window.
The Blues are eager to improve their situation, with Graham Potter’s side currently in tenth place in the Premier League.