Brighton turned down numerous bids from Chelsea for the Ecuadorian star over the past few weeks and reportedly demanded at least £100m.
It remains to be seen whether Chelsea will match Liverpool's offer, which exceeds the £107m Chelsea paid to sign Enzo Fernandez from Benfica earlier this year.
Caicedo is now free to undergo a medical at Liverpool.
If the 21-year-old decides to move to Anfield, he will join his fellow Brighton teammate Alexis Mac Allister who moved to the club in June for £35m.
Liverpool are actively looking for a midfielder having allowed Jordan Henderson and Fabinho to join the Saudi Pro League last month.