BBC Sport says the Ecuador midfielder has agreed an improved deal through to 2033.
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Amid speculation over several of his teammates, Caicedo has chosen to commit his best years to Chelsea with this new agreement.
The midfielder was signed from Brighton in 2023 for a fee rising to £115m and penned an eight-year deal at the time.
Asked during the international break whether a move to Real Madrid could be on in the future, Caicedo said: "I'm focused on my club right now.
"I want to be a legend."