Real are set to splash the cash this summer following a dismal campaign that has left the Champions League as their only hope of winning a major trophy.
And Icardi is thought to be high on Florentino Perez’s wanted list, with a potential switch even mooted during the January transfer window.
It has been claimed the Real president is willing to meet the £97m (€100m) release clause written into the terms of the striker’s contract.
However, the latest reports from Spain indicate Icardi has turned his back on Perez to Ronaldo opposing his prospective move to Madrid.