The 21-year-old was a key part of the Brighton side who finished sixth in the Premier League last season, earning European football for the first time in the club's history.
Caicedo featured in all but one of his side's league matches - starting 34 of those - providing a goal and an assist for Roberto De Zerbi's men as they achieved their best-ever placement.
The Ecuadorian international joined the South Coast club in January 2021 from his homeland before being loaned out to Beerschot in Belgium, and since his return at the start of 2022 the midfielder has been a regular for the Seagulls.
According to BBC Sport, Brighton are expecting Caicedo to be at the club past the summer transfer window which ends on September 1, despite interest from Chelsea for his services.
The Blues have been long-term admirers of the 32-time international and had advances for the player snubbed by the Seagulls in January when Graham Potter was in charge at Stamford Bridge.
Mikel Arteta's Arsenal also had an approach rejected for Caicedo in the winter transfer window, with the Gunners later going on to recruit Jorginho from their London rivals.
A move at the beginning of 2023 appeared likely when the player publicly expressed his desire to leave the South Coast club, however the 21-year-old signed a five-year deal at the Amex in March which runs until 2027.
The report claims that Brighton are adamant that they do not want to sell Caicedo this summer, and they are supposedly confident that no potential suitors will match their valuation for the midfielder.
It is understood that De Zerbi's men have rejected two bids from Mauricio Pochettino's side, with the first totalling £70m and the latest amounting to £80m.
It was reported last week that Caicedo has personally asked the Seagulls to lower their asking price so that a transfer to Chelsea can be completed before the summer ends.
Inspired by the £105m sale of Declan Rice to Arsenal by West Ham United, Brighton are said to be seeking in excess of £100m for the Ecuadorian - a figure that the Blues are currently unwilling to pay.
Despite intense transfer speculation, Caicedo has featured in pre-season for the Europa League-bound Seagulls, playing 45 minutes in a 3-3 draw against Aston Villa in the Premier League Summer Series.
De Zerbi's charges will welcome Spanish outfit Rayo Vallecano to the South Coast on Sunday afternoon, before their league campaign commences with a home clash against recently-promoted Luton Town on August 12.