The Ecuador international joined the Seagulls in February 2021, before he was sent out on loan to Belgian side Beerschot for the first half of last season.
Since being recalled from his loan spell during the January transfer window in 2022, Caicedo has gone on to establish himself as one of the key members of Brighton's first-team.
Caicedo has chipped in with two goals and three assists across 29 appearances for the Seagulls, which have included 16 starts in 17 Premier League games this season, and his impressive performances have attracted interest from Liverpool and Chelsea.
The 21-year-old is expected to command a huge fee, and during his time as Brighton manager, Graham Potter claimed that £42m would not be enough to buy the midfielder's boots.
In a recent interview with CBS Sports, Brighton's chief executive was asked whether the club had received any offers for Caicedo.
"I'm pleased to say we haven't had any," Barber said. "Maybe Liverpool have not got my email because I haven't seen any.
"I'm not sure £42m will even include the boots now, maybe just the laces. But joking aside, every player's value is ultimately determined by the market.
"Graham's comments were part in jest but part serious because Moises has been an exceptional player for us. Since he came to the Premier League, he has developed all the time.
"He's a young man with a great attitude, fantastic work ethic and a very nice human being off the pitch. So all those things contribute to the value of a footballer should it come to that moment to sell."
While Liverpool may have not made an official approach, a recent report claimed that Caicedo had told friends that he wants to join the Merseyside club.
Jude Bellingham is regarded as the Reds' number one target, but with Alex Oxlade-Chamberlain, James Milner and Naby Keita out of contract at the end of the season, Caicedo is believed to be on Liverpool's radar.
Meanwhile, Chelsea are monitoring Caicedo's current situation, and he could provide an alternative option if they are unable to sign Enzo Fernandez from Benfica.
Although the Argentina international has been heavily linked with a move to Stamford Bridge, Benfica boss Roger Schmidt has hinted that he could stay at the Portuguese giants.
Caicedo, who is under contract until June 2025, is expected to be involved when Brighton face Liverpool in the Premier League on Saturday.