On Friday, Liverpool agreed to pay £111 million for the 21-year-old Ecuadorian.
Caicedo, on the other hand, preferred Chelsea, and they ultimately prevailed with a bid on Sunday evening after a string of rejections.
“I didn’t have to think twice when Chelsea called me, I just knew I wanted to sign for the club,” Caicedo stated.
“It’s a dream come true for me to be here, and I can’t wait to get started with the team.”
Caicedo, who joined Brighton for £4 million in February 2021, has signed to an eight-year deal at Stamford Bridge, with a one-year extension option.
The additional £15 million in payments is based mostly on appearances, and Brighton anticipates receiving the whole £115 million in a short period of time.
The Seagulls have also agreed to a substantial sell-on clause for the midfielder.
If Chelsea pays the entire £115 million fee, they would have broken the British club record twice in 2023, after spending £107 million on Argentina player Enzo Fernandez in January.
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In a statement, Chelsea co-sporting directors Laurence Stewart and Paul Winstanley said, “Moises has proven himself as a standout player in European football over the past 18 months.”
Brighton director of football David Weir feels Chelsea have signed “one of the world’s top midfielders.”
