Chelsea have reportedly approached Brighton & Hove Albion with a £65m proposal for Moises Caicedo.
The Blues recently made their fifth signing of the transfer window, after they hijacked Arsenal's move for Mykhailo Mudryk.
Mudryk became the latest player to join Chelsea's squad in January following the arrivals of Joao Felix, Benoit Badiashile, Andrey Santos and David Datro Fofana.
However, there transfer business appears to be far from done, with a deal reportedly agreed for PSV Eindoven winger Noni Madueke, while they have also made a bid for Inter Milan right-back Denzel Dumfries.
With Jorginho and N'Golo Kante's current contract set to expire and the end of the season and the latter sidelined through injury, Chelsea are also believed to be looking to sign a central midfielder before the transfer window shuts.
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They had been keen to sign Enzo Fernandez from Benfica, but talks to over a deal ultimately stalled with the Portuguese club demanding to receive the player's £105m release clause in full.
While efforts to sign Fernandez this month proved fruitless, the Blues appeared to have turned their attention to Caicedo.
According to CBS Sports journalist Ben Jacobs, Chelsea co-owner Todd Boehly has 'tested the water' by proposing a £65m offer.
The bid is likely to be rejected by Brighton, who would be looking to receive a fee in excess of £75m if they were to sell in January.
Brighton chief executive Paul Barber has indicated that they are not prepared to sell the 21-year-old unless their asking price is met.
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The report suggests that it is currently unclear whether Chelsea are willing to increase their offer, but the imminent transfer of Leandro Trossard from the Seagulls to Arsenal could have a knock-on effect on negotiations.
With Trossard set to join the Gunners in a deal worth up to £27m – including an initial £21m fee – the Seagulls may be more reluctant to sanction Caicedo's departure.
Chelsea are not the only side interested in securing Caicedo's signature, with Liverpool also said to be keen on signing the midfielder this month.
With James Milner, Alex Oxlade-Chamberlain and Naby Keita all out of contract at the end of the season, the Reds are looking to strengthen their midfield, although Borussia Dortmund's Jude Bellingham is believed to be their main target for 2023.
Caicedo, who is under contract until June 2025, has chipped in with one goal and one assist during his 20 competitive appearances this season.
