Liverpool manager Jurgen Klopp has confirmed that the club has reached an agreement with Brighton to sign midfielder Moisés Caicedo, however sources have told ESPN that the player would prefer to move to Chelsea.
Chelsea are now considering whether to improve their offer for the 21-year-old in an attempt to rival Liverpool's bid, sources added.
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Liverpool had a British transfer record bid of £111m ($141m) for Caicedo accepted by Brighton after Chelsea had hoped to complete a deal at around £90m.
"I can confirm the [Moises Caicedo] deal with the club is agreed, whatever that means in the end," Klopp told a news conference on Friday.
"Of course, we want the player and not just the agreement. We don't have endless resource.
"We didn't expect a couple of things to happen over the summer, but when that happened, we gave it a go. Let's see what happens and we go from there."
Klopp has previously been critical of teams spending big money on transfers but said the transfer market has changed.
"Everything changed. Do I like it? No. Did I realise I was wrong? Yes," Klopp said. "I'm not blaming anyone, but it's just the market.
"In the end, we as a club have to make sure that, with our resources, we get the best possible player.
"We aren't in a dreamland and can't just point at a player and get them to come in. Sometimes one door closes and another opens up."
Meanwhile, Brighton boss Roberto De Zerbi has said that Caicedo is no longer on his mind as he prepares his team for their Premier League season opener against Luton Town on Saturday.
"I have already forgotten about Moises. I'm really proud of the players we have in the squad," De Zerbi told a news conference on Friday.
"We want to keep improving. The credit goes to the club. Bigger clubs can buy our players but they can't buy our soul or spirit.
"We don't have enough [players] yet, we need to complete the squad. I want players who want to come here. We are Brighton, we achieved a big target last year -- the same as Liverpool, better than Chelsea. I would like players who are proud to play in Brighton."
Information from ESPN's James Olley and Reuters was included in this report.