Before revision:  We assume that forward LIBOR rates of the domestics and foreign economies are lognormal and derive an approximate closed-form pricing solution for a Quanto cap written on a foreign forward LIBOR rate .
After revision:  We assume that forward LIBOR rates of our cross-currency model is driven by a two time parameter random field instead of a finite dimensional Brownian motion. To demonstrate the applications of this model, we develop an approximate closed-form pricing solution for a Quanto cap written on a foreign forward LIBOR rate .