From Ornstein's article:
"Liverpool have reached an agreement with Brighton and Hove Albion to sign Moisés Caicedo for a British record £110m.
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 £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.
Liverpool are in need of a new defensive midfielder after Fabinho departed to Al Ittihad.
Chelsea have pursued Caicedo all summer after seeing Mason Mount, Mateo Kovačić, N’Golo Kanté and Ruben Loftus-Cheek all leave the club. They are also interested in Southampton’s Roméo Lavia, who is also on Liverpool’s radar, and Tyler Adams of Leeds United.
Brighton have already sold Caicedo’s midfield partner Alexis Mac Allister to Liverpool, who will be competing with them in the Europa League next season.
They begin their Premier League campaign at home to Luton Town on Saturday before Chelsea welcome Liverpool on Sunday."
He needs to agree personal terms. Ornstein saying formality would suggest they know what he is asking for and it's within our pay structure, and that he would be happy to join us. He could say no.
So they agreed to pay Brighton £110M for the rights to Caicedo, but now they need to agree to terms with Caicedo himself?
Yep pretty much. Usually goes through though. Relatively rare a player refuses, less rare terms can't be agreed but still unlikely. He could also fail the medical or agents could start demanding extra cash. I've no reason to believe any of things could happen.