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.
Chelsea's 18-year-old winger Estevao produced an impressive cameo performance off the bench in a 3-0 Premier League victory over Wolves on Saturday, earning praise from manager Enzo Maresca.
Arsenal saw their winning run ended by Sunderland, while Chelsea claimed a convincing victory over Wolves in Saturday's Premier League action.
Strasbourg's on-loan defender Mamadou Sarr has chosen to represent Senegal at international level despite having represented multiple France youth teams.
Chelsea were held to a 2-2 draw with Qarabag in their Champions League clash at the Tofiq Bahramov Stadium on Wednesday night.
