The 19-year-old Ecuador international has been heavily linked with a move to England with Manchester United in the ongoing transfer window.
There are suggestions that a deal is in place for Manchester United to sign him from Independiente for a fee of €4m this month.
Manchester United are indeed interested in the midfielder, but the negotiations are not as advanced as it was claimed in Ecuador a few weeks ago.
The Premier League giants are yet to hold talks with Independiente and it has been claimed that they are having trouble in identifying who has the mandate to negotiate on the player’s behalf.
Multiple agents have claimed to represent Caicedo and the club are struggling to nail down the person with whom they can negotiate a deal.
Manchester United are keen on the midfielder and want to take him to Old Trafford but for the moment no deal has been agreed.
The Premier League giants are also keen not to raise the costs of the deal further by involving multiple intermediaries in the negotiations.