London, Aug 14 (IANS): Premier League club Chelsea have agreed a deal worth a British record £115m ($146 million) with Brighton & Hove Albion for midfielder Moises Caicedo.

Chelsea are understood to be paying an initial £100m, plus £15m in performance-related add-ons, Sky Sports report said.

The fee agreed for Caicedo exceeds the £107m Chelsea paid for Argentina midfielder Enzo Fernandez, breaking the British-record transfer fee in January.

The report further said that Caicedo is set to sign an eight-year deal with Chelsea and the midfielder has been given permission by Brighton to undergo a medical on Monday.

The Ecuador international had also been a target for Premier League rivals Liverpool, who on Friday agreed a reported record £110 million fee with Brighton.

Last week, Liverpool came to terms on a substantial £111 million agreement to acquire Caicedo. However, the deal was derailed as the 21-year-old communicated his intention to join Chelsea instead.