The Blues are in the market for a defensive midfielder and have Caicedo as their first-choice target.
However, they are struggling to pry him away from Brighton & Hove Albion, who want £100 million for the Ecuador international.
The two clubs have been negotiating for weeks, but Chelsea have become frustrated with Brighton’s unwillingness to sell the midfielder.
Chelsea manager Mauricio Pochettino has Caicedo as his priority target but understands a deal may not materialise, and Paredes is an alternative option.
Pochettino worked with Paredes at PSG and would not mind adding his countryman to his squad.
Paredes spent last season on loan at Juventus and struggled to make an impact for the Bianconeri.
He made 25 Serie A appearances but only started eight games. He made another four appearances in the Champions League.
The Turin club decided not to make his loan move permanent. He returned to PSG but has been training away from the first team as he seeks a transfer from the Ligue 1 champions.
Paredes has only one year left on his deal and is an affordable option for Chelsea.
The Blues also have Leeds United’s Tyler Adams and long-term target Edson Alvarez on their radar.
Adams had an impressive season in the Premier League and an excellent 2022 World Cup campaign.
Leeds suffered relegation, and he is one of the players billed to leave Elland Road as they prepare for life in the Championship.
Alvarez was a target for Chelsea last summer, but Ajax refused to sell.
They are more open to a sale this summer and were close to letting him join Borussia Dortmund until the deal collapsed.
- Kevin Muscat & Pascal Jansen interested in Rangers job following Beale sacking
- Chelsea Women debut Infinite Athlete kit in 2-1 win over Tottenham
- Liverpool receive apology from the PGMOL but is that enough?
- Bundesliga Weekly: Bayern & RB Leipzig play out an enthralling draw, Bayer Leverkusen stay stop
- Rangers sack manager Michael Beale after Aberdeen defeat