Caicedo has made nine appearances for Lokomotiv this season and scored four goals, including one in a Europa League match against AEK Athens. However, he shot to fame with Levante last season after joining on loan from Manchester City, his 13 goals in 27 games instrumental in keeping Los Granotes in the top flight and earning him a move to the Russian capital.
Espanyol boss Mauricio Pochettino is looking to add some firepower to his shot-shy forward line in the January transfer window, his team having scored just 11 goals from 14 league games this term with only Granada having notched fewer.
Besides Caicedo, the Argentine is thought to be running the rule over a number of targets and has also shown interest in Mounir El Hamdaoui (Ajax), Mevlut Erding (Paris Saint-Germain) and Marouane Chamakh (Arsenal).
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