On 30 May 2011, Levante officially took up an option to sign him and on 29 June 2011, Levante signed Caicedo for £880,000. In his move, it was revealed that Levante would cash in by selling Caicedo for a large profit in the summer because the club were in debt, owing €12 million ($17 million) a year in repayments. This led to Caicedo quoting: ""At €1 million, I am cheap, very cheap. Very, very, very cheap. He is a bargain, but only for Levante.""