The Blues are expected to be one of the busiest clubs on transfer deadline day despite the fact Todd Boehly has already spent more than £450m on new signings and brought seven players to Stamford Bridge in January.
Chelsea are believed to be closing in on a deal for Fernandez that would make the World Cup winner the most expensive signing in Premier League history.
Benfica insisted Fernandez, 22, was not for sale earlier in the window but Chelsea appear to have made a major breakthrough in the pursuit and are now optimistic of welcoming the Argentine to west London for around £115m.
But Chelsea’s remarkable spending may not finish there as The Guardian say Boehly and his team are working on a last-ditch deal for Caicedo on top of the Fernandez move.
Arsenal have been the frontrunner to sign Caicedo since Brighton rejected an offer from Chelsea worth £55m earlier in the window, with the Blues then stepping back and looking else for midfield reinforcements.
Premier League leaders Arsenal have tabled two bids for Caicedo – the first worth £60m, the second £70m – but Brighton instantly rebuffed those offers too.
Despite Brighton stating that Caicedo will not be sold, Chelsea are plotting a deadline-day move for the Ecuador international, with Blues boss Graham Potter keen to reunite with his former player.
Any move for Caicedo would likely be dependant on outgoings, however, with Hakim Ziyech, Conor Gallagher and Jorginho all linked with departures ahead of the transfer deadline.
Meanwhile, if Arsenal fail to sign Caicedo, they will turn their attentions to Chelsea’s Italian midfielder Jorginho, who is out of contract at the end of the season.
Caicedo did not feature in Brighton’s FA Cup fourth-round victory over Liverpool at the weekend after essentially handing in a transfer request and asking to be allowed to join Arsenal or Chelsea.
Despite the influx of new signings at Stamford Bridge, Chelsea are just 10th in the Premier League. They return to action on Friday evening against west London rivals Fulham.
MORE : Chelsea’s stance on selling Jorginho as Arsenal eye deadline-day move
MORE : Arsenal make world-record transfer bid for Man Utd star Alessia Russo
For more stories like this, check our sport page.
Follow Metro Sport for the latest news on
Facebook, Twitter and Instagram.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Football News Click Here
