The Italian club are wary of the Gunners’ interest in the Argentine hotshot, who scored 16 Serie A goals last term.
Arsene Wenger has been linked with a £50million move for the 23-year-old, and Inter may find such an offer too hard to refuse.
And now the Gazzetta dello Sport has suggested that Milan have already lined up a contingency plan should they lose Icardi to the north London club – and it could spell problems for Man City.
New boss Pep Guardiola has been heavily linked with Dortmund ace Aubameyang, who hit 25 goals in just 31 Bundesliga appearances last season.
But Inter will turn to the Gabon star should they lose Icardi before the transfer window shuts, and will have cash to splash on securing his signature.