The 23-year-old striker was linked with a switch to Tottenham earlier this month, with The Sun reporting that Spurs were leading the race for the £43 million marksman.
Arsenal, of course, have been linked with a whole host of centre-forwards this summer as Olivier Giroud's future in North London seems up in the air.
Di Marzio reported earlier this week that Giroud could be used as a makeweight in a £50 million deal to bring Gonzalo Higuain - who netted 36 times in 35 games for Napoli last season - to the Emirates Stadium club.
But it would appear as if Arsenal have rivalled Tottenham in the race to sign the Argentine, who netted 16 times in Serie A last term, with his agent and wife Wanda Nara confirming the contact.
"There are many offers, but I do not negotiate with other clubs. I only talk about Mauro's contract, that's my role, not doing negotiations," she said via IBTimes.
"Atletico Madrid, Tottenham and Arsenal have made contact. Napoli and Roma are also interested now."
Tottenham's acquisition of striker Vincent Janssen is likely to mean that they will not act on their interest in Icardi.
Well, they might, but Mauricio Pochettino only plays one striker in his system at the moment and having two big-money arrivals to compete with Golden Boot winner Harry Kane sounds like overkill.