The 22-year-old Guayaquil native signed a four-year contract with the Russian outfit on Tuesday afternoon, according to the club's official website.
The Ecuador international impressed during a one-year loan in Levante and the Spanish side were keen to pursue a permanent deal, using a purchase clause at the end of the Liga season to sign him for €1 million.
The Russian club were not deterred, however, and after tense negotiations with the Spaniards eventually agreed a deal worth €7m, which could rise to nearly €10m depending on various appearance and performance-related bonuses.
Following the announcement of the transfer, Smorodskaya hit out at Levante for their lack of co-operation during negotiations.
"This deal was very difficult for us due to the unprofessional and inadequate position of Levante. Their directors seemed to have a very poor knowledge of Fifa's regulations, as they insisted on things forbidden by those rules," the president told RIA Novosti.
"As a result we had to explain everything to them and give legal substantiations to each of our steps in order to sign a contract that would be consistent with the law."
Caicedo was the only Ecuadorian to find the net in the Copa America, scoring both his side's goals in a 4-2 defeat at the hands of Brazil as the Tricolor went out in the first round. He is scheduled to arrive in Moscow and meet with his new team-mates on August 1.