The Seagulls have also informed the Blues that he will cost a similar amount to Declan Rice.
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Chelsea have already had two bids rejected for Caicedo, including a £70million offer launched earlier this week.
According to The Athletic, those offers were seen as way too low by Brighton, who are not willing to entertain bids below their £100million valuation.
Brighton see Caicedo as at least as good, if not better, than Rice and believe he is worth a similar amount.
Rice completed a £105million move to Arsenal from West Ham last weekend.
In addition, Brighton rejected a £70million bid from the Gunners for Caicedo as recently as January.
The midfielder has since signed a new four-year deal through to the summer of 2027.
He also starred as the Seagulls went on to secure qualification for this season’s Europa League.
Caicedo’s performances for Brighton have seen Chelsea linked with a move throughout the summer window.
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However, they also face competition from Liverpool, who could hijack any potential deal.
The 21-year-old has been identified as a possible replacement for Fabinho once he completes his move to Saudi Arabia.
Stamford Bridge remains Caicedo’s preferred destination, though, and he has even admitted “he can’t say no” to joining Chelsea.