£115m fee plus sell-on clause included for Brighton.
Medical tests, booked.
Caicedo will sign until June 2031 with option until 2032.
Following weeks of discussions and failed bids, The Blues have agreed a fee for the Ecuador midfielder that will see Brighton earn a minimum £100m plus a further £15m in add-ons.
It is hoped that the 21-year-old can undergo a medical in the next 48 hours before signing a long-term contract with the Stamford Bridge side.
Caicedo appeared to be close to joining Liverpool last week after the Reds saw a £111m bid accepted by Brighton.
But Chelsea owner Behdad Eghbali has taken control of the deal and has struck an agreement during direct talks with Brighton owner Tony Bloom.
Around half of the £15m add-ons are said to be easily achievable, while the remainder are believed to be significantly harder to meet.
With that in mind Chelsea believe they will end up paying a similar fee that they forked out for Enzo Fernandez, who joined from Benfica in January for £107m – the current British record.
Credit: AF
