The Ecuador international could be set to leave the Seagulls six months after Arsenal failed in their attempts to secure his signature.
Brighton turned down two bids from Arsenal for Caicedo, who tried to force through the move by expressing his desire to leave via social media.
The Seagulls remained firm in their stance, and they subsequently agreed a new contract with Caicedo until the summer of 2027.
The new deal has put Brighton in a strong negotiating position, amid interest from the likes of Chelsea and Manchester United.
A recent report claimed that Chelsea were readying a bid, while Man United were also believed to be preparing a formal approach.
According to journalist Fabrizio Romano, the Blues are ready to step up their interest and "attack" a deal for the 21-year-old.
Caicedo is keen to complete a move to Stamford Bridge, paving the way for Chelsea to hold discussions with Brighton over a potential transfer.
Despite previous speculation linking Man United with a move, there is a belief that the Red Devils never officially entered the race for the midfielder.
Caicedo was an integral part of a Brighton side that reached the FA Cup semi-finals and achieved a sixth-place finish last season, securing qualification to the Europa League.
During the 2022-23 campaign, he featured in 43 games across all competitions, chipping in with one goal and one assist.
Chelsea, meanwhile, are hoping to sign Caicedo as part of a midfield rebuild under new head coach Mauricio Pochettino.
The Blues sold two midfielders in N'Golo Kante and Mateo Kovacic, who have joined Al-Ittihad and Manchester City respectively.
They are also expected to lose academy product Mason Mount to Manchester United after the two clubs reached an agreement over a £60m transfer.
Conor Gallagher is another midfielder that has been linked with a move away from Stamford Bridge, amid interest from Borussia Dortmund and Tottenham Hotspur.