Arsenal became the latest club to have a bid rejected for the Ecuador international when a £60m offer was knocked back by the Seagulls.
Chelsea were also snubbed with their own bid for Caicedo last week.
The 21-year-old has only made 26 Premier League appearances since joining Brighton from Independiente del Valle in 2021 but is set to command a huge transfer fee following a string of impressive performances in midfield.
Caicedo starred for Ecuador at the 2022 World Cup in Qatar, scoring once in the tournament.
De Zerbi has urged Caicedo to stay put at the AMEX stadium until the end of the season before deciding on his next move.
The Italian said: "I think he's [Caicedo] a good guy. He's focused only on Brighton. I hope he can stay with us until the end of the season because, in my opinion, it's the best solution for him and us.
"I can understand the other big teams want our young players – [Alexis] Mac Allister, Caicedo, [Kaoru] Mitoma, [Solly] March – but the decision is for the players and the club.
"I spoke with him on Wednesday and I told him my opinion.
"I think it's always difficult to change inside the season because you can find more problems. It is important to stay another four months."
Quizzed about his conversations with Caicedo, De Zerbi added: "He's relaxed. He’s a good guy. I spoke with him like a father, not like a coach.
"I understand when one player has the possibility to change teams and go to a very big team, but my work is to give the style of play and also advice for his career and his life."
