The Red Devils were believed to be on the verge of signing the 21-year-old from Independiente del Valle in 2021, but his proposed switch to Old Trafford ultimately fell through.
After Man United had passed up the chance to sign Caicedo, Brighton brought the Ecuador international to the Amex for a mere £4.3m, before loaning him to Belgian side Beerschot for the first half of the 2021-22 season.
Since breaking through into the Seagulls' first team, Caicedo has become one of the Premier League's most sought-after midfielders, scoring two goals and registering three assists in 53 games for Roberto De Zerbi's team.
Also impressing with his defensive contributions and versatility - featuring as a right-back during the final weeks of the campaign - Caicedo played a key role in Brighton's successful push for Europa League football as they finished sixth in the Premier League table.
However, De Zerbi has admitted that Caicedo has likely played his final game for Brighton, in spite of the fact that his deal still has four years left to run.
According to Sky Sports News, Man United have asked to be kept abreast of any developments over Caicedo's future, but the Red Devils will face stiff competition to sign the South American starlet.
Back in January, Arsenal failed with two bids for the midfielder, who dropped a bombshell announcement on social media claiming that he wanted to leave Brighton for the Emirates Stadium.
Caicedo was briefly dropped from the squad before being re-integrated and penning fresh terms, but Arsenal are expected to reignite their interest this summer and have apparently already agreed personal terms with the midfielder.
Chelsea are also thought to be plotting a move for Caicedo, who could command a fee of at least £70m to depart Brighton ahead of the 2023-24 campaign, which would make him their most expensive departure of all time.
Brighton have already lost Alexis Mac Allister to Liverpool in a £35m deal, but Caicedo is not thought to be a priority target for Man United, who are currently focusing on the signing of Mason Mount from Chelsea.
The Red Devils are said to be preparing a formal approach for the England international, but the two clubs remain apart in their valuations, and Caicedo represents a potential back-up option.
Man United are set to lose Bayern Munich loanee Marcel Sabitzer at the end of his contract this month, and the Austrian is not expected to join the Red Devils on a permanent basis.
Fred and Scott McTominay's futures are also being called into question, as Casemiro and Christian Eriksen quickly became indispensable for Erik ten Hag upon their arrivals last summer.
Declan Rice is also thought to be admired by Man United chiefs, but the West Ham United captain is believed to be closing in on a move to Arsenal.