Chelsea completed the signing of Ecuador midfielder Moises Caicedo on Monday for a reported Premier League record fee of up to £115 million ($146 million).

The Blues said the 21-year-old has agreed an eight-year contract at Stamford Bridge, with a club option for a further year, after Chelsea beat off competition from Liverpool for his signature.

It is the second time Chelsea have broken the British transfer record in seven months after spending £107 million on Enzo Fernandez in January.

Liverpool had a £110 million offer accepted on Friday after Brighton had set a deadline for bids.

But Caicedo turned down the opportunity to join the Reds to pursue a move to the Blues.

"I am so happy to join Chelsea!" Caicedo said in a club statement.

"I am so excited to be here at this big club and I didn't have to think twice when Chelsea called me, I just knew I wanted to sign for the club.

"It's a dream come true to be here and I can't wait to get started with the team."

Chelsea will reportedly pay an initial £100 million with a further £15 million due in performance-related bonuses.C

The deal represents another huge profit for Brighton, who signed Caicedo from Independiente del Valle for just £4 million in 2021.

However, he has only been a regular starter for the Seagulls over the past 18 months after spending the first half of the 2021/22 season on loan at Belgian side Beerschot.

Brighton finished sixth in the Premier League last season to qualify for European competition for the first time in the club's history.

"Chelsea are getting one of the top midfielders in the world," said Brighton's technical director David Weir.

"Moises has been one of our exceptional players over the past 18 months."

Chelsea have spent close to £900 million on players in just three transfer windows since a takeover fronted by LA Dodgers co-owner Todd Boehly and private equity group Clearlake Capital.

"I am so happy to join Chelsea!" Caicedo said in a club statement.

"I am so excited to be here at this big club and I didn't have to think twice when Chelsea called me, I just knew I wanted to sign for the club.

"It's a dream come true to be here and I can't wait to get started with the team."

Chelsea will reportedly pay an initial £100 million with a further £15 million due in performance-related bonuses.C

The deal represents another huge profit for Brighton, who signed Caicedo from Independiente del Valle for just £4 million in 2021.

However, he has only been a regular starter for the Seagulls over the past 18 months after spending the first half of the 2021/22 season on loan at Belgian side Beerschot.

Brighton finished sixth in the Premier League last season to qualify for European competition for the first time in the club's history.

"Chelsea are getting one of the top midfielders in the world," said Brighton's technical director David Weir.

"Moises has been one of our exceptional players over the past 18 months."

Chelsea have spent close to £900 million on players in just three transfer windows since a takeover fronted by LA Dodgers co-owner Todd Boehly and private equity group Clearlake Capital.

Moises Caicedo celebrates after equalising for Ecuador against Senegal in the 2022 World Cup