The Reds agreed a British record fee for the Ecuadorian on Thursday evening after the Seagulls placed a deadline for interested clubs to place bids.
However, they have been frustrated in attempts to put the finishing touches to the transfer despite having laid plans to bring the player to Merseyside for a medical on Friday.
That has been credited to another firm push from Chelsea, who are expected to return with an improved offer as they look to salvage a move for a player they have trailed for months.
But This Is Anfield understands that Liverpool have yet to respond to that development by withdrawing from the race for Caicedo’s signature.
As the only club to agree a deal with Brighton, the Reds remain in the driving seat in the short term at least.
Still, personal terms are not expected to be an issue for the London club given the groundwork they have put in with the player’s camp since January.
That contrasts sharply with Liverpool, who it is understood had far less contact with Caicedo’s agents in that period, with their initial focus on other targets.