Chelsea are closing on a deal for Southampton midfielder Romeo Lavia.
The Blues failed with a 48m offer for Lavia - but will return with an improved bid.
The Sun says talks between the clubs are continuing after a 48m bid from Chelsea was rejected.
Chelsea tried for Caicedo a year ago and will try again.
Lavia is ready to leave St Mary's this month, with Liverpool also bidding for him. Both clubs are also chasing Brighton midfielder Moises Caicedo.