The Blues just completed a deal worth £89m to sign Ukrainian winger Mykhailo Mudryk from Shakhtar Donetsk, seeing off competition from Arsenal.
Chelsea have spent more than £440m since last summer, but the spending spree is unlikely to stop as the club are looking to add more players to their squad this month.
Graham Potter is keen on adding more intensity to his midfield and the club are now considering making a move for Caicedo, who is also on Liverpool’s radar.
Brighton signed the Ecuador international in the winter window of 2021 and he excelled under Potter on the south coast.
He is now a sought-after midfielder in the Premier League.
But Chelsea are now considering flexing their financial muscle again and try and sign Caicedo from Brighton.
The Blues are actively exploring a deal and could offer somewhere around £65m to sign the player.
However, Brighton do not want to sell and it could take more than £75m to convince them to sell him in the winter window.
Caicedo is also set to get new agents but they are yet to start representing him so Chelsea could have to hold initial talks with Brighton if they want to sign him this month.
It remains to be seen if Liverpool will respond if Chelsea do lodge a bid.
