The £80 million-rated Caicedo was a target for the Gunners at the beginning of the summer as they looked to bolster their midfield after finishing second in the Premier League behind Manchester City.
However, the club is also interested in signing Declan Rice, a midfielder for West Ham who David Moyes' team values at almost £100 million.
Since the Hammers turned down Arsenal's lowball bid of £80 million plus add-ons for their top target on Thursday, Mikel Arteta and company will probably need to fork over more money to capture him.
The north London team has also, according to the Times, made a separate decision to withdraw from the fight for Caicedo, albeit that choice may have been impacted by West Ham's attitude on Rice.
Caicedo's usual midfield partner Alexis Mac Allister was sold by Brighton, who earned a spot in the Europa League, to Liverpool for £35 million. Brighton anticipates the Ecuadorian wonderkid to go this summer.
However, despite rumors that Manchester United and Chelsea, two other English powerhouses, were interested, their £80 million asking price appears to have turned away Arsenal.
Champions City have unexpectedly become Arsenal's adversary in the pursuit of England's vital player Rice.
The north London club has long been the preferred choice ahead of a potential summer move for the England player, according to Kieran Gill and Sami Mokbel of Mail Sport, despite approaches from a number of top-flight clubs.
Rice had competition from Manchester United, Bayern Munich, and Chelsea, but none of them showed any interest in signing him.
Despite head coach Thomas Tuchel's ambition to make the 24-year-old the club's record acquisition, Bayern Munich ended their pursuit of the player on Tuesday. This was due in part to their hesitation to take on Arsenal's financial might.
The Hammers estimate that their player is worth an astounding £110 million, and co-chairman Daniel Sullivan's hopes that a wide range of contenders will drive up one another's offers may still materialize.
The Arsenal's hopes to move quickly for their top transfer target have been further delayed by reports that West Ham is intrigued in what Man City could have to give for the player.
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