The trio, who between them cost more than £300 million, have been among the best players in the Premier League this season and are all set to feature when leaders Arsenal, six points clear of second-placed Chelsea, make the trip across London for Sunday's encounter at Stamford Bridge.
Rice revealed this week that he had voted for Caicedo in his 2024/25 team of the year, but Arteta backed his man to keep improving.
"Now, being with him every single day, understanding and connecting with him in the way I have done, we are going to get more" from Rice, the Gunners boss said on Friday.
"Because he wants more, the team knows him better; his role is growing around the team. The impact he has on the team is huge."
Rice made his reputation at West Ham playing in a deeper position in front of the defence, but Arteta has expanded his game by deploying him in a more advanced midfield role.
"I knew him for a long time (before signing him), and I knew how he could evolve and change the team," said Arteta.
"He has certainly done it and probably improved on those expectations."
Arteta also values Rice's leadership qualities as the Gunners bid to end their long wait for a Premier League title since last being crowned champions of England in the 2003/04 season.
"Obviously, he was captain at West Ham," said Arteta. "He comes here to a new club, a new environment, and there were things already set, but he has earned the right to increase that role.
"To be more important, to be very present in everything we do, he's in the leadership group, which is very important.
"He's a real presence. He doesn't need to wear the armband to feel really connected, really powerful and really important in the team."
