Caicedo’s future has been up in the air for much of the year.
Arsenal were the side thought to be leading the race in January, but the Gunners reportedly saw £60m, £70m and £80m bids rejected in the winter window.
Caicedo went on to sign a new deal with Brighton, however, his future still looks to remain away from the Amex.
And now, according to a report by Ecuadorian media outlet Teradeportes, Caicedo is weighing up his options but Arsenal’s qualification for the Champions League sees them leading the race and even agree personal terms.
However, it is suggested that Chelsea will offer better wages than their London rivals, with Mauricio Pochettino hopeful of persuading him to move to Stamford Bridge
In terms of a transfer fee, it is understood Brighton want £75m for the midfielder. This may cause some issues for Arsenal as Declan Rice is their main midfield target this summer and the West Ham skipper is expected to demand somewhere in the region of £100m.
£175m on two players is a lot for any club, but sales of Granit Xhaka, Kieran Tierney, Rob Holding and potentially Thomas Partey may help soften the blow.