The offer of £75m plus £5m in add-ons was the fourth bid from Chelsea that Brighton have dismissed for Caicedo as they hold out for £100m.
Mail Sport reported earlier this month the Blues had a £70m offer for the Ecuador international rejected with Brighton seeking more.
Brighton assured Caicedo, who signed a new four-year contract, that he would be granted his wish to leave if they received an offer similar to Arsenal’s in January.
However, fellow midfielder Declan Rice’s £105m move from West Ham to Arsenal has prompted a rethink on Caicedo’s valuation.
They now want around £100m for Caicedo, who is keen to move to Stamford Bridge and is close to agreeing personal terms.