Felipe Caicedo was born on September 5, 1988 in Guayaquil, Ecuador.
At the age of 14 Felipe took up football in the youth system of the local Barcelona SC. Two years later he joined the youth team of the Serie B Rocafuerte where he was noticed by the scouts from several European clubs.
In 2006, Caicedo signed his first senior contract with FC Basel. As at the time he was only 17 years old he was sent to get practice in the reserve squad of the team. In the season 2006/07, the footballer finally began to feature in the first squad and in the issue scored 11 goals in 49 games.
Felipe’s high results in Basel didn’t pass unheeded by the representatives of the top European football leagues and on January 2008 the Ecuadorian player left for Manchester City. The deal was worth £5.2 million and became one the highest transfer fees ever paid to a Swiss club. On February 10, 2008, Caicedo made his debut coming on in the second half of the Manchester derby. His first goal occurred the following season in the UEFA Cup match against Racing de Santander. In 2009, Manchester City signed several top level footballers and Felipe was loaned to Sporting CP. There he was supposed to get more game practice but actually featured only in 10 games. Sporting cut short his loan deal in January 2010 whereafter the player noted genuine interest from other European sides.
On January 8, 2010 Caicedo left for Málaga CF on loan where he scored 4 goals in 18 matches.
At the very deadline of the summer transfer window Felipe made a loan move to Levante UD. Here he finally managed to show his real paces and on May 2011, Levante took up options to sign the player permanently.
On July 2011, Caicedo signed a four-year contract with FC Lokomotiv Moscow. The deal was worth €7.5 million. On August 14, 2011 Felipe made his debut for the squad and on August 28, 2011 netted his first goal.
In 2014 Caicedo moved to Al Jazira, UAE. However, later on that year he returned to Europe and joined Espanyol.
Felipe Caicedo represents the Ecuador national football team.
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