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We propose OmniCache, a novel caching design for near-storage accelerators that combines near-storage and host memory capabilities to accelerate I/O and data processing. First, OmniCache introduces a "near-cache" approach, maximizing data access to the nearest cache for I/O and processing operations. Second, OmniCache presents collaborative caching for concurrent I/O and data processing using host and device caches. Third, OmniCache incorporates a dynamic model-driven offloading support, which actively monitors hardware and software metrics for efficient processing across host and device processors. Finally, OmniCache explores the extensibility of the newly introduced CXL, a memory expansion technology. Evaluation of OmniCache demonstrates significant performance gains of up to 3.24X for I/O workloads and 3.06X for data processing workloads.