The 20-year-old was believed to have been on the radar of several top clubs before making the move to the Amex Stadium from Independiente for just £4.5m in the winter of 2021.
After a brief period out on loan at Belgian side Beerschot, Caicedo has since become an integral member of the Brighton XI and has been one of the most impressive players in his position this season.
The Ecuador international has started all 12 Premier League games for the high-flying Seagulls in 2022-23, scoring once and only missing 12 minutes of action in total.
Caicedo has also established himself as a key player for his nation, and he is expected to be on the plane for Ecuador's World Cup 2022 campaign in Qatar.
Brighton have Caicedo under contract until the summer of 2025, but his form has naturally led to speculation surrounding a wealth of top Premier League clubs.
According to The Mirror, Brighton would entertain the idea of selling the midfielder in the near future, if they receive a gargantuan fee of £85m.
The report claims that Chelsea and Newcastle United are currently leading the charge to sign Caicedo, who was brought to Brighton by current Magpies technical director Dan Ashworth.
Graham Potter is also understood to be keen on a reunion with his former starlet, who is expected to be the subject of interest from Liverpool and Manchester United as well.
The Red Devils were initially expected to wrap up a deal for Caicedo in 2021, but they pulled out of a move as Brighton swooped in.
Caicedo has now struck two goals and two assists in 21 appearances for Brighton in all competitions, and he would have some big shoes to fill if he reunites with Potter at Chelsea.
The Blues are due to lose N'Golo Kante and Jorginho on free transfers at the end of the season, although contract talks have been ongoing with both of their representatives.
However, Jorginho's wage demands are thought to be holding up negotiations, while Potter has insisted that now is not the time to think about Kante's contract while he recovers from thigh surgery.
Caicedo also affirmed last month that his mind was only focused on the Seagulls, telling reporters: "I'm very happy here at Brighton. "I'm not thinking about any other club than Brighton. This is the club where I am now and I will give everything for this club and to keep doing well here."
The Ecuadorian played the full 90 as Roberto de Zerbi's men thrashed Potter's Chelsea 4-1 on Saturday afternoon - a result which temporarily lifts them above Fulham and Liverpool into seventh place in the Premier League table.