Inter's Argentine forward could open the door for the Premier League duo's pursuit of the Real Madrid striker.
The Argentinian enjoyed a superb 2014-15 campaign where he netted 27 times for Inter, 22 of which were in the league, making him the joint top scorer in Italy.
Real's interest in the 22-year-old, may well encourage both Arsenal and Manchester United, rumoured to have been chasing Karim Benzema for much of the summer, to make a new bid for the French international.
In May, the Star linked Benzema with the two Premier Clubs and Liverpool when there were rumours Real wanted to re-sign Alvaro Morata. It would likely be the same situation if Real were to bring in their former striker, Icardi, or any other top forward.
The Gunners are long thought to have held an interest in the former Lyon striker, while Manchester United are eager to strengthen their attack with just Wayne Rooney, Robin van Persie and Javier Hernandez on their books - two of who are thought to be available for transfer.
Benzema scored 22 goals last season, but he has only ever scored more than Icardi managed this season once while in Madrid, and he hasn't always been a favourite of the Bernabeu crowd.
Whether Benitez would be willing to sell to United or Chelsea, two great rivals from his time in the Premier League, remains to be seen, but if Real make a concerted effort for Icardi, expect the links to appear once more.