The 19-year-old midfielder has been heavily linked with a move away from Independiente and a move to Europe this month.
There were claims that Manchester United had an agreement in place with the club and the player over a deal and were just waiting to obtain a work permit.
Manchester United have been insistent that negotiations are not that advanced, but the club are interested.
However, they are set to miss out on him as, according to German outlet Fussball Transfers, the midfielder is set to join Brighton.
Brighton have worked out an agreement with Independiente over a transfer and the player is also believed to be keen on the move.
With Manchester United yet to take the final call, it seems Caicedo has decided to move on from their interest and agree to a transfer to Brighton.
AC Milan and RB Leipzig are also admirers of Caicedo and Brighton landing him could be a coup for the club.
Everton and West Ham have also been keeping tabs on him, but it seems Brighton are the ones who are going to win the race to sign the Ecuador international.
