The players are regarded as brightest young talents at the club and La Gazzetta dello Sport reports that the Nerazzurri’s Indonesian owner is keen to lock them down on new deals.
Both players currently have contracts that run until 2018 and this move by Thohir is a clear attempt to ward off the unwanted attentions of other clubs.
The pair were subject to persistent transfer speculation over the summer with Inter having to reject a deadline day bid by Barcelona for the Croatian midfielder. Meanwhile Icardi had been linked extensively with a move to Liverpool.
The new contracts on offer for the duo reportedly include an extension to 2019 and significant wage increases.