Arsenal have already signed one player from Brighton in this transfer window, with Leandro Trossard arriving last week for an initial £21m. They have also added Poland defender Jakub Kiwior, who has joined from Spezia for £17.5m.
With Elneny’s current deal set to expire at the end of this season and Albert Sambi Lokonga struggling to impose himself in north London, Arsenal are keen to refresh their midfield in the short and long-term.
West Ham United’s Declan Rice is understood to be their top summer target but Arsenal’s interest in the England international is not expected to prevent them from trying to recruit another midfielder this month.
Reports in Belgium have suggested that Arsenal might turn to Everton’s Amadou Onana as they continue to evaluate their options in midfield. Arsenal could also look to make a loan move for an alternative target before the end of the month.
Caicedo has consistently impressed in the Premier League since making his first start in the competition, against Arsenal, in April last season. He has started all but one league match for Brighton this season, and has become one of their most important players.
Brighton sold Marc Cucurella to Chelsea in a £60m deal at the start of this campaign and they are now expecting to receive an even higher fee for Caicedo.
As reported by Telegraph Sport earlier this week, Chelsea have had approaches rejected for Caicedo and Benfica’s Enzo Fernandez but are expected to return with new offers for one or both of those players.
In an interview with the Brighton club website, published on Tuesday, Caicedo insisted he is not distracted by the speculation over his future.
“I am focused on Brighton,” he said. “I am here, I am playing every day. Things from outside don’t trouble me, nor does it take that focus away because I’m focused only on here.
“I handle [the speculation] well. You hear rumors here and there, but I only try to be focused on the club where I am now, the club which opened the doors for me to be playing every week.”
Meanwhile, Arsenal right-back Cedric Soares is close to completing a loan move to Fulham. Cedric has made only two appearances in the Premier League this season but is regarded as an influential player behind the scenes.
As reported by Telegraph Sport earlier this month, Arsenal have shown interest in signing Real Valladolid right-back Ivan Fresneda in a deal that could be worth around £15m. They face competition from elsewhere, however, with Borussia Dortmund also thought to be in the race.