On the back of having cost £115m when signing from Brighton & Hove Albion in August 2023, the Ecuador international initially looked a shadow of the player that he was at the Amex Stadium.
However, the 23-year-old has progressed into one of the best players in this season's Premier League, his latest star performance coming in Sunday's 1-1 draw at Manchester United.
As well as proving a key figure in the engine room, Caicedo scored a majestic volley in the second half to get Chelsea back on level terms after Bruno Fernandes' earlier penalty.
That represented just his second strike in a Chelsea shirt, the other being from the halfway line against Bournemouth on the final day of the last campaign.
Nevertheless, it is his overall displays that are gaining an increasing amount of admirers as Chelsea bid to finish in the top four of the Premier League standings.
'He is doing fantastic'
Speaking to reporters after the game, Maresca reiterated that it was far from a certainty that Caicedo would eventually justify the fee that Chelsea paid for his services just under 15 months ago.
The Italian said, as quoted by football.london: "Since we arrived, Moi is doing fantastic. I said during the week, the problem with them is because the club pay them big money and people expect them to be the best.
"It's normal to be up and down. Moi is improving a lot. He is showing how good he is."
He added: "Most of the time, one plus one is not two in football. Because he was so good at Brighton, it does not mean he is going to be as good at Chelsea.
"The impact is not easy. Because we pay them a lot of money, they want to arrive and be the best but it is not automatic."
What next for Caicedo and Chelsea?
Chelsea are next in action on Thursday evening when they play host to FC Noah in the Conference League, three days before a showdown with Arsenal in the top flight.
Priority will be given to the latter game, particularly with Chelsea now sitting in fourth position in the Premier League table.
That will lead to Caicedo being rested for the showdown with the Armenian outfit in preparation for the London derby versus the Gunners.