Instead, goalkeeper Robert Sanchez is set to move to Stamford Bridge to provide cover and competition for Kepa Arrizabalaga.
Sanchez will undergo a medical at Chelsea imminently as Mauricio Pochettino's side look for a replacement for Edouard Mendy, who has joined Al Ahli in Saudi Arabia.
Sanchez has been at Brighton since he was a teenager but lost his place towards the end of the 2022/2023 season to Jason Steele.
The 25-year-old made 23 appearances in the Premier League last season.
Chelsea are still pushing hard to sign Caicedo from Brighton, who have quoted a fee closer to £100m for the Ecuadorian.
A move to Chelsea will see Sanchez reunite with former Brighton goalkeeping coach Ben Roberts.
Sanchez has won two caps for the Spanish national team and was part of their squads for the 2021 European championships and 2022 FIFA World Cup in Qatar.
