Manager Alex McLeish is still waiting to find out if Miller wants to move from Rangers in a £650,000 deal.
So McLeish is eyeing Caracciolo as a back up to ensure Birmingham recruit a goalscorer in the transfer window.
Highly-rated: Caracciolo (centre)
A £5million deal collapsed in the summer but could be revived after the Italians signed Davide Lanzafame on loan from Juventus.
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