In addition, Chelsea have held talks over a move for Ajax starlet Mohammed Kudus, 22, and they remain interested in Celta Vigo starlet Gabri Veiga after the youngster scored 11 goals in La Liga last season.
Chelsea have only made one signing this summer for the first team, with Nicolas Jackson arriving in a £30m transfer from Villarreal. AS Monaco’s Axel Disasi is set to become the next player to join up with the Blues as he is close to finalising his £38m switch after Wesley Fofana suffered a fresh knee injury.
Much of their recruitment has been focused on building for the future, with over £60m spent on Lesley Ugochukwu, Angelo Gabriel and Kendry Paez.
But with over £250m in total expected to be raised through player departures, Chelsea could still go big on Caicedo in the coming weeks.