Moise Caicedo: Liverpool have reached an agreement to sign the Brighton midfielder for £110m

Liverpool have reached an agreement with Brighton & Hove Albion to sign Moises Caicedo for £110m ($140m).

Brighton held a midnight auction on Thursday, with Liverpool being the highest bidders. Chelsea’s offer for the 21-year-old was up to £100m.

No personal terms have been agreed between Caicedo and Liverpool, but they are expected to be a formality, with the medical scheduled for Friday.

Chelsea have long been considered favorites for Caicedo, but Liverpool have remained in the discussions. The deal would break the club’s transfer record, which stands at £75m for Virgil van Dijk.

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Liverpool need a new defensive midfielder after Fabinho’s departure to Al-Ittihad.

Chelsea have followed Caicedo all summer after seeing Mason Mount, Mateo Kovacic, N’Golo Kante and Ruben Loftus-Cheek leave the club. They are also interested in Southampton’s Romeo Lavia, who is also on Liverpool’s radar, and Leeds United’s Tyler Adams.

Brighton have already sold Caicedo’s midfield partner, Alexis McAllister, to Liverpool, with whom they will compete in the Europa League next season.

Chelsea begin their Premier League campaign at home to Luton Town on Saturday before Chelsea host Liverpool on Sunday.

(Photo: Tim Nwachukwu/Getty Images for Premier League)