Arsene Wenger is said to be keen to strengthen his attacking options with a January bid for the Serie A star.
The Sun claim that Arsene Wenger gave the green light to a bid of £32m previously, only for it to be knocked back by the Italian giants. However, that has not deterred the Gunners, who are hoping that they can get the Argentinian in January.
Having been made captain at the start of the season, Icardi has guided his side back to the top of the table. And although his own goalscoring tally is not impressive so far - with four goals coming in his 11 top flight appearances - he has proven in the past that he has the potential to be one of the most lethal forwards in the game.
A move to north London would release the striker from the pressure of being skipper, and would allow him to concentrate on his own game.
After the club failed to land Karim Benzema and Edinson Cavani during the summer (via the Express), Gunners fans would be forgiven for thinking that Wenger will ultimately fail in his attempts to bring the 22-year-old to the Emirates.
However, it could be argued that neither of his summer targets would have provided value for money, although they would have certainly strengthened the squad. Meanwhile, Icardi's age means that he still has the potential to get better and develop - perhaps in a similar way that a 21-year-old Thierry Henry did when he made the move from Serie A to the Premier League in 1999.