The report suggests the Blues will make a big money move for the 21-year-old midfielder after failing to secure his signature last month.
The West Londoners were the first to make a £55m bid for the Ecuador international and the Seagulls swiftly rejected their offer and insisted the youngster was not for sale in this window.
Chelsea are now considering a move for Caicedo this summer. Meanwhile, Arsenal are also expected to battle Chelsea for the Ecuadorian, who promises to become one of the big signings of the next transfer market.
Caicedo, who is under contract at Amex Stadium until 2025, has made 26 Premier League appearances for Brighton.