The 21-year-old was a key part of the Seagulls side which secured European football for the first time in the club's history under Roberto De Zerbi, finishing sixth in the Premier League.
The Ecuadorian formed partnerships with the likes of Alexis Mac Allister and Pascal Gross in the Brighton engine room as they earned a place in the Europa League for the South Coast club next term.
According to The Sun, it is unlikely that the midfielder will be at the club by the time European nights descend onto the AMEX, with Caicedo agreeing to join Chelsea.
After being unwilling to let the former Beerschot man leave in January, it is believed that the Brighton hierarchy are now prepared for his departure.
The report adds that the West Londoners are in the final stages of discussions with Caicedo and his representatives over a move, with the Seagulls understood to be demanding £70m-£80m.
It is believed that Arsenal have ended their interest in the player, with Mikel Arteta's Gunners focusing their attention of luring Declan Rice to the Emirates from West Ham United.
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