Brighton were deeply unimpressed with the Ecuadorian international's social media post where he declared he wanted to leave, but the belief within the club is that he has been poorly advised by new representatives.
Part of that is their experience in such situations, notably with players like Marc Cucurella, Dale Stephens and Lewis Dunk, as well as the lack of a need to sell.
The only way they sell is if purchasing clubs meet their price.
The drive is even stronger than usual in the club this window, since they are on a push to try and qualify for European football amid an excellent season under Roberto Di Zerbi.
Arsenal's last offer of £60m was £30m short of Brighton's valuation, while Chelsea had earlier tabled a £55m offer.
The debate within the league leaders was whether to go over £70m, while Thomas Partey’s injury could factor into how aggressive Mikel Arteta’s side are in their next offer.
One argument being made on the other side is Caicedo's approach gives Brighton a greater reason to sell, but it is seen as unlikely he would protest once the window closes due to the effect on his own career.
Click here to subscribe to The Independent's Sport YouTube channel for all the latest sports videos.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies