The Argentinian’s contract does not expire until 2018 and although he is in negotiations to extend his deal, it is thought an agreement is some way off, prompting interest from the Blues.
According to Tuttomercatoweb.com, Chelsea are ready to make a €30 million bid for Icardi.
The report suggests, however, that Inter will not accept the offer, although it could serve to be a starting point for negotiations between the two clubs.
It is also believed that Inter owner Erick Thohir values Icardi in the region of €60 million.
Icardi has scored 19 goals in 34 Serie A games this season and is one of the most wanted young players in Europe.