The Hammers have seen strikers Andy Carroll and Diafra Sakho go down with injuries, leaving manager Slaven Bilic with few options to lead the line.
A host of forwards are being linked with moves to Upton Park ahead of transfer deadline day in just over a week's time, and a new name has been thrown into the mix.
Caicedo, 27, may be familiar to some Premier League fans having spent three-and-a-half years at Manchester City, though he scored only seven goals in 34 games for them before leaving for Lokomotiv Moscow, following loan spells at Sporting Lisbon, Malaga and Levante.
Now in Spain with Espanyol, the powerful centre forward has hit 19 goals in 60 appearances for the La Liga side, but may fancy his chances of another shot in the Premier League.
An international team-mate of West Ham star Enner Valencia, the Ecuadorian allegedly has a £7.7m release clause in his contract, and is being offered to Premier League teams - with the Hammers reportedly considering a move to sign Caicedo and solve their striking problems.