The Ecuador midfielder was a key player in Chelsea's Double winning campaign of the Club World Cup and Europa Conference League titles.
Watching on has been Makelele, who told chelseafc.com: "I’ve seen them progress a lot and I’m proud of this club.
"I know Chelsea, they are fighters. That’s true also of the midfielders, with young players like Caicedo and (Romeo) Lavia, such very good players."
"I think he has a lot of talent," continued Makelele on Caicedo. "Moi is humble, he plays with a smile and works hard for his team-mates. I did that when I was playing, enjoy myself, and he has the passion and is a fighter. I think the passion and the fight is just as important as talent.
"I love him a lot, because when he started at Chelsea we talked together, and he was happy to come to Chelsea for his own story. He didn’t want to be compared to me, he wanted to do the 'Caicedo role'.
"It’s very important because I was older and already playing at a high level with Real Madrid before I came to Chelsea, so now it is a little bit difficult for a young boy to try to be me straight away without that experience. Or to try to be what people think of as me.
"I prefer they do their own thing, write their own story, become their own ;galactico'. So I am happy because that is what he is doing. To take my example and build on it in his own way is the best thing he can do."