The midfielder was expected to join Manchester United this month.
The Argus says some reports in his homeland suggest a transfer for about £4.5 million is in place.
That is not the case as yet.
A well-placed source closer to Albion this morning stopped short of saying a deal had been done “at this time" but confirmed the club's interest in the 19-year-old.
Caicedo, capped four times by Ecuador, has been heavily linked with a move to Manchester United and is expected to move on this month.