There have been suggestions of a verbal agreement with the London club, and with the 21-year-old stating his preference to join the Blues, only the structure of the deal would need to be determined.
However, This Is Anfield understands that, as of Sunday lunchtime, there was still no bid in place from Chelsea – with Liverpool the only club to agree a deal, worth £111 million.
Under their new ownership – led by chairman Todd Boehly – they have spent close to £800 million on players in the space of 15 months.
And though Chelsea have since pulled out of a £20 million deal for Leeds midfielder Tyler Adams, the proposed combined outlay of £170 million for Caicedo and Romeo Lavia would push that total beyond £900 million.
Liverpool have not withdrawn their offer for the Ecuador international despite the stalling over a medical that was booked for Friday.
With doubts ongoing over whether Chelsea can afford the signing while still balancing their books, there is still a chance Caicedo heads to Anfield instead.
Club owners Fenway Sports Group arrived in London earlier in the weekend and could be involved in further talks over what would represented a British record transfer.