The 19-year-old is already a full international with some 15 caps and two goals to his name and wore the number ten shirt for Ecuador at the Copa America over the summer.
He joined Basel during the 2005/06 season from Rocafuerte FC in his homeland when aged just 17.
His agent in England Saif Rubie is aware of interest in the South American and admits that the chance to test himself in England would prove tempting for Caicedo.
"We are conscious that a number of top Premiership teams know about this player and how well he has done for Basel," Rubie told skysports.com.
"We have already had an inquiry from Milan over the summer. If an English side were to make an offer then Felipe would be interested to hear what they have to say.
"However, in the meantime he is focused and determined to help Basel in both their league and Uefa Cup campaigns."