Liverpool have agreed a British-record transfer fee to sign Moises Caicedo from Brighton.
The fee is believed to be worth £110m, with the midfielder set to undergo a medical on Friday.
Brighton had set a deadline for midnight on Thursday for offers to come in and made it clear they would go with the highest bidder.
Liverpool were locked in negotiations with Brighton to determine all the financial parameters of doing a deal in case Chelsea couldn’t or wouldn’t reach an agreement.
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.