The Ecuadorian has helped the Seagulls secure Europa League football this season with a sixth-placed finish in the Premier League.
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He had been heavily linked with a move to Arsenal in the January transfer window, but Brighton clung on to their man.
He then penned a new deal to keep him on the South Coast until 2027.
He is still expected to leave Brighton at the end of the season as both Chelsea and Arsenal circle for his signature.
And his manager Roberto De Zerbi has admitted that the 21-year-old is set to be sold.
Arsenal are believed to have made West Ham’s Declan Rice their No.1 midfield transfer target this summer.
But they have also earmarked Caicedo as a potential arrival should they fail to land the England international.
However, The Guardian states that the Blues could hold a huge trump card with regards to negotiating a deal and it involves defender Levi Colwill.
Colwill, 20, joined the Seagulls on loan at the beginning of the season and has thrived under De Zerbi.
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He has made 23 appearances in all competitions and is allegedly a player identified by Mauricio Pochettino as someone he wants to build his Chelsea team around.
But the Blues may be willing to let the youngster return to the Amex for another season to continue his development.
And he could potentially be included as part of a deal to secure Caicedo’s signature.
Colwill appeared to forgot he was still a Blues player after helping Brighton clinch Europa League football.
The ace, who has been linked with a move to Manchester City or Liverpool, had to be reminded he would be returning to the Blues when speaking to The Athletic.
“I forgot for a minute,” he said after remembering he was heading back to Chelsea in the coming months.
And he could not speak more glowingly about the set-up at the Amex.
Colwill, who is under contract until 2025, added: “Amazing. When Roberto came in [last September], he just changed things.
“His mentality as a manager is world class and he is definitely going to be one of the best managers in the world — if he’s not already.
“That’s what you need at a club like this, that’s what you need to take us to the next level. I never realised how good the players are and he’s come in and playing the style — oh, it’s amazing.
“It fits everyone in the changing room. That’s why they are all playing outrageous football.”
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