The Premier League club are set to trigger the release clause of the talented youngster.
Per The Express, the Seagulls initially put in a bid that was less than that reported figure of £7.8 million.
However, they are now ready to go to that sum and want to bring in Barco in the winter.
Brighton are hoping they can steal a march on any top European clubs who are circling.
Barco has informed Boca that he wants to leave and will not renew his contract.