The Bundesliga champions are weighing up possible options in case the Polish forward leaves the club, according to Bild.
Lewandowski has caught the eye of clubs across Europe after some impressive form over the last two seasons at Dortmund. Jurgen Klopp's side are fully expecting offers for their star man and have lined up Caicedo as the man to come in his place.
The former Manchester City striker is reportedly top of the list as Dortmund look to maintain their challenge for a third consecutive league title. The Ecuador international impressed in his time at Levante, leading to a move to Lokomotiv Moscow in 2011.
Hamburger SV are also thought to be keen on the 24-year-old and will compete for his signature should Dortmund make a move.
Caicedo has scored nine goals in 25 games for the Russian club, though he has only started three games this season.