The 21-year-old defensive midfielder is a priority target for Chelsea this summer and they were leading the race to land him.
Liverpool came in with a bid worth £111m to hijack the move, as they have agreed a deal with Brighton.
Caicedo is expected at Liverpool today to discuss the personal terms and undergo a medical to complete the deal.
However, the Merseyside outfit fear that Chelsea might come up with a late offer to hijack the Caicedo deal.
And it has been claimed that Chelsea have not given up hope of signing the Brighton star and they are still trying to beat Liverpool for his signature.
Caicedo and his agent were said to be in London last night and the midfielder has preferred a move to Chelsea all summer.
Now it remains to be seen whether the London outfit will be able to come up with a new offer to snatch Caicedo from the grasp of Liverpool.
