The Ecuador international has been a key player for the Blues since his big-money move from Brighton, and it would be a blow to lose him.
Still, it seems that Saudi giants Al Nassr may be looking into signing Caicedo, who would likely cost £100m or more, according to the Telegraph.
Caicedo is a world class talent who will surely want to continue to play at the highest level for many more years to come, though the big money of Saudi Arabia has lured over some surprise names.
Caicedo could be their next ambitious target, but Chelsea will surely do all they can to keep the 23-year-old.
Moises Caicedo is a key part of this Chelsea project – letting him go would be a big step backwards
Since Todd Boehly and Behdad Eghbali took over Chelsea, there's been a big emphasis on signing the best young talents from around the world.
A lot of money has gone into players like Caicedo, as well as other elite prospects like Cole Palmer and Enzo Fernandez.
Still, Caicedo has arguably been the biggest success story of the lot, so is really becoming the face of this Chelsea project.
It therefore seems highly unlikely CFC would consider letting Caicedo go, so there's surely no chance Saudi clubs can persuade them to part with him for any kind of fee.
Enzo Maresca's side look likely to miss out on qualification for the Champions League, but they still have some hope, so they'll need to keep this squad together if they are to move forward next season.
One imagines there'll be a few ins and outs at Stamford Bridge this summer, but Caicedo surely has to be seen as untouchable and one of the main players this club will build around for years to come.
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