This update serves as a frustrating stalemate in a wild transfer story, with the Reds prepared to break the British transfer record for the 21-year-old.
But while Caicedo is said to prefer London over Liverpool, there has been no new bid forthcoming from Chelsea as of yet.
Instead, there are suggestions that Chelsea will struggle to produce the funds to eclipse the offer from Anfield, having themselves been prepared to pay £100 million.
This comes amid tight FFP restrictions on the club, with the Liverpool Echo‘s business of football writer Dave Powell speculating that the Reds’ £111 million offer may even have been designed as one their rivals simply could not match.
The United States international is now due to return to Leeds in the Championship.
While it will be insisted that the two deals are not linked, the realistic view is that Chelsea have withdrawn their bid for Adams in order to fund a new offer for Caicedo.
It may not prove as straightforward, but in theory the £20 million allocated to Adams’ pursuit could now be put towards a new £120 million package for Brighton‘s No. 25.
But money talks, especially over the offer of squad players from Mauricio Pochettino’s ranks after the rejection of Brighton‘s bid for Levi Colwill earlier in the summer.
As things stand, it certainly looks more likely that Caicedo will become a Chelsea player – and a resolution would be welcomed sooner rather than later.