The former Chelsea star believes the 23-year-old Ecuadorian has fully justified the club's record 115 million GBP outlay to sign him from Brighton during the 2023 summer transfer window.
Caicedo has emerged as a powerhouse presence in the heart of Enzo Maresca's side, combining tireless energy with defensive steel and intelligent passing.
His influence has been central to Chelsea's steady resurgence under Maresca, who has already delivered two trophies - the Club World Cup and the Conference League - in his debut campaign as head coach.
The result against Liverpool was another statement of intent from a young squad assembled through heavy investment under the club's current ownership.
That backing has created one of the most promising teams in the Premier League, and signs now suggest Chelsea are firmly on an upward trajectory.
“There is no midfield player right now that can give you everything that Caicedo gives us right now. He's absolutely magnificent,” he said on The Obi One Podcast.
"Breaking up play and setting up play. He's first to everything. He's aggressive. He's a leader as well. He's a complete football player. Chipping in now with goals. Taking shots from outside the box. He's absolutely worth every penny."
Mikel's praise for Caicedo echoes growing optimism around Stamford Bridge, where belief in Maresca's project continues to strengthen.
Manchester City secured a second successive Premier League victory at home against Sunderland, Chelsea were held scoreless away to Bournemouth while Tottenham managed to beat Brentford.
Enzo Maresca has admitted Chelsea are still unsure when Romeo Lavia will return, as the Belgian's injury problems continued to disrupt their midfield plans ahead of Saturday's trip to Bournemouth.
Enzo Maresca admitted that Cole Palmer's long-awaited return was "the only good news" on a punishing Wednesday night for Chelsea, who were beaten 3-1 by a sharp Leeds United side at Elland Road.
Leeds United hauled themselves out of the relegation zone with an energised 3-1 victory over Chelsea on Wednesday, a result that relieved growing pressure on manager Daniel Farke.
