Chelsea are also offering around £55m for Southampton midfielder Romeo Lavia, who has also been the subject of three failed bids from Liverpool.
The Blues had been linked with a move for Caicedo throughout the summer, before it emerged on Friday that Liverpool would hijack a move for the Brighton star.
Liverpool agreed a £111m fee with Brighton, leaving Chelsea needing to up their offer for the Ecuadorian international.
However, Chelsea never gave up and now appear to have won the race for his signature after agreeing a £115m move.