The Gunners reportedly want a meeting with the Inter Milan star's agent next week.
The Gunners are in the market for a new striker this summer having watched Olivier Giroud and Theo Walcott struggle for consistency last season.
They made a move for Leicester City star Jamie Vardy before Euro 2016, but he opted to stay with the Premier League champions when they offered him a new deal.
Arsene Wenger’s side have turned their attention elsewhere and as a result have been linked to several strikers across Europe.
One of those is Inter forward Icardi and it appears that their reported interest may be genuine.
According to Gianluca di Marzio, Arsenal have already contacted the player’s representatives to discuss a possible move.
They are said to have requested a meeting with his agent next week in which they will put forth an offer to bring him to the Emirates Stadium this summer.
They are likely to face a difficult task in luring him to the club though. Inter are not keen on selling one of their star men according to the report, while he is also happy to stay in Italy at this moment in time.