Liverpool have reached an agreement with Brighton and Hove Albion to sign Moises Caicedo for a British record £110m ($140m).

Brighton held an auction with a midnight cut-off on Thursday, with Liverpool the highest bidders. Chelsea’s bid for the 21-year-old was up to £100m.

Personal terms are yet to be agreed between Caicedo and Liverpool, but are expected to be a formality, with a medical planned for Friday.

Chelsea had long been considered front-runners for Caicedo, but Liverpool remained in the discussions. This deal would break the club’s transfer record, which stands at £75m for Virgil van Dijk.