The Gunners pushed hard to sign Caicedo towards the latter stages of the January transfer window, but their efforts were rebuffed by Brighton. Sending two formal offers after the Seagulls had made it clear he was not for sale saw some bridges burned between the two parties before Mikel Arteta and Edu ultimately switched their focus onto Declan Rice.
Liverpool meanwhile, have already welcomed Alexis Mac Allister and Dominik Szoboszlai to Anfield this summer and Jurgen Klopp could still lose Fabinho and club captain Jordan Henderson. Like both Chelsea and Arsenal, Southampton star Romeo Lavia is of interest to those in Merseyside, but the Reds making a move for Caicedo is currently seen as unlikely.
According to The Telegraph, reports suggesting Liverpool are going to make a move for Caicedo are considered wide of the mark with many believing at the club, talks with Chelsea are far too advanced to potentially hijack the transfer.
If both Fabinho and Henderson leave, bringing in another body for the engine room is likely seen as a must, while Arsenal losing another key midfielder could see them re-enter the market in search of another addition to the centre of the park, however it will not be Caicedo.
The Athletic have now also claimed that Caicedo was seen as an irretrievable back-up option to Rice and that because Chelsea had done so much groundwork ahead of the summer window, a transfer to Chelsea was virtually wrapped up. Two major Premier League rivals seemingly ruling themselves out of the race to sign Caicedo gives Chelsea the biggest incentive to get the deal completed before any late changes are made.
Despite the fact Caicedo would be sacrificing the chance to play European football if he joins Chelsea, Stamford Bridge
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