Liverpool have agreed a British-record transfer fee with Brighton for midfielder Moises Caicedo.
The fee is understood to be worth £110m, with Caicedo set to travel to Liverpool on Friday for a medical.
Brighton set a deadline for midnight on Thursday for bids to come in - and provided their valuation was met, they would go with the highest bidder.
Liverpool's offer of £110m was not matched.
It is understood Chelsea were prepared to go to £100m, while Bayern Munich indicated they would pay £90m.
Brighton signed Caicedo for £4.5m from Independiente del Valle in 2021.
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