Liverpool have an agreement in place to sign him from Brighton and are committed to paying a British record fee of £111m.
The Reds have been expecting the midfielder to reach Merseyside today to undergo a medical and sign a contract with the club.
However, Caicedo and his representatives have been staying put in London with suggestions that Chelsea are prepared to table an improved offer for him.
And it has been claimed that the player has made it clear to Liverpool that he is only interested in a move to Chelsea.
Liverpool have been informed that the player is not considering joining the Merseyside giants at this stage.
Chelsea have told the player to wait for them in London and are now expected to reopen talks with Brighton for Caicedo.
The Blues are expected to make an offer that will be more than Liverpool tabled for the midfielder.
Personal terms have been in place between Caicedo and Chelsea for several weeks and the player is now waiting for the club to agree a deal with Brighton.
