Arsenal transfers looking possible for January.
Chelsea and Liverpool have also been linked with the Argentine international, who scored a superb 27 goals in all competitions last season to establish himself as one of the best young attacking players in Europe.
Arsenal looked like signing a big-name striker in the summer, but missed out on the likes of Karim Benzema and Edinson Cavani, though Icardi could be a more realistic target.
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According to the Metro, Arsene Wenger will step up his interest in the 22-year-old to bolster his ranks, which have been weakened by the lengthy injury to Danny Welbeck.