Scoring remains a secondary attribute for the midfielder, who managed five goals in 43 appearances for Chelsea last season.
Valencia remains Ecuador's all-time leading scorer with 49 goals in 108 appearances.
He netted six times during World Cup qualification but has failed to score from ten shots in the tournament's opening three games.
"Now I'm playing alongside Enner Valencia in the national team after I watched him play in that World Cup, for me, he's an idol, I'm learning a lot from him," Caicedo said to the official Chelsea website.
Ecuador advanced to the knockout stage for just the second time in their history after securing third place in Group E.
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They opened with a 1-0 defeat to Ivory Coast and a 0-0 draw with Curacao, before goals from Nilson Angulo and Gonzalo Plata overturned an early strike by Leroy Sane to beat Germany 2-1.
