The Chelsea Blues have secured a British record fee to obtain the services of former Brighton & Hove Albion defensive midfielder Moises Caicedo.

Caicedo will sign a record £115 million ($146 million) that runs until the summer of 2031. His contract also has an option until 2032, per The Guardian's Fabrizio Romano.

The Blues outbid their English Premier League rivals, the Liverpool Reds, for the 21-year-old Ecuadorian. Chelsea bid £110 million ($139 million) for Caicedo, who reportedly prefers to play for them than Liverpool.

Moises Caicedo's transfer fee is a far cry from the £72 million ($92 million) the Blues offered him on July 17. The latest transfer fee represents a whopping 60 percent increase from the original contract Chelsea offered the prized midfielder. Chelsea will pay Caicedo £100 million in guaranteed money. The remaining £15 million are add-ons.

Moises Caicedo's transfer is just the tip of the iceberg for Chelsea 

Chelsea owner Todd Boehly has gone on a spending spree in the months leading up to Mauricio Pochettino's first year as club manager. Boehly dangled a £106.8 million contract to former Benfica midfielder Enzo Fernandez seven months ago. The Blues have been keen on a Fernandez-Caicedo duo at midfield.

Chelsea wants to fortify its midfield further with the potential addition of Southampton's Romeo Lavia. The two sides are reportedly nearing a £55 million ($69 million) deal. The Blues want to offset the departures of midfielders Mateo Kovacic, Mason Mount, Ruben Loftus-Cheek, and N'Golo Kante with their new additions.

Apparently, Pochettino and his club aren't done making big-name signings.

“For sure we are going to improve the squad. It is about finding the right profile, the right player to create a combination maybe where we are more solid,” the Chelsea boss said on Sunday.

The Blues have never finished higher than third since winning the Premier League trophy following the 2016-17 season. Chelsea finished a disappointing 12th with an 11-11-16 record last year.

Chelsea fans hope the addition of Moises Caicedo will help them turn things around in the 2023-24 season.