The Ecuador international has became a first-team regular for the Seagulls after joining the club in February 2021 from Independiente del Valle.
Caicedo has started all six of Brighton's league games this season, while he chipped in with a goal in the club's 5-2 win over Leicester City earlier this month.
Despite having three years left to run on his current contract, Caicedo has attracted interest from the likes of Liverpool, Manchester City, Arsenal and United.
With Caicedo's future at Brighton appearing to be uncertain, Valencia is hopeful his compatriot will join his former club in the future.
Speaking to Studio Football, Valencia said: "Hopefully Caicedo can go to a big team in England. He is a humble boy; he was born to be great and hopefully he can come to Manchester United."
Caicedo is currently away on international duty where he played the entirety of Ecuador's goalless draw against Saudi Arabia, and he could be involved once again when his country face Japan on Tuesday.