The Chelsea man was initially shown a yellow card before VAR intervened and told referee Anthony Tayor to check out the pitch side monitor.
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Upon review, Caicedo, 24, was shown a straight red for clearly going over Merino’s foot and potentially causing serious harm.
Speaking after the game, Merino admitted he knew Caicedo would be sent off immediately after the tackle was made.
"I felt my ankle go all the way but luckily I have very mobile ankles and body. I knew it was a horrible challenge, and it was going to be a red card,” he said.
When asked about whether he has spoken to Caicedo about the tackle, he added: "No. Nothing."