According to Italian journalist Emanuele Giulianelli, the Gunners pursued the striker but were knocked back by the Serie A outfit:
Arsenal have scored just three goals in their four matches this season, and two have come courtesy of own goals.
Olivier Giroud is the Gunners' only scorer this year, but as Squawka Football notes, he is otherwise going through a dry spell of his own:
Theo Walcott featured in Giroud's centre-forward role Saturday but failed to score against 10-man Newcastle United and was guilty of missing a gilt-edged chance, while Alexis Sanchez's failure to get off the mark could be a lack of sharpness as a result of his extended summer break following the Copa America.
Icardi would have been a strong step in the right direction for the Gunners. The 22-year-old enjoyed a prolific season last year, notching 27 goals and 9 assists in all competitions and would likely have made an excellent long-term acquisition.
According to Metro's George Bellshaw, Gunners boss Arsene Wenger is still hopeful of landing a striker before the end of the transfer window. He said:
We are open and we are in the transfer market. If we find any exceptional player in any sector, we will do it. At the moment, I don’t know if something will happen or not.
We’re working on it; I’m not any more or less optimistic than I was last week. You always want more goalscorers, but it’s unpredictable.
TalkSPORT's James Dodd has a suggestion for the Gunners with time running out before the window slams shut:
QPR's Austin on the move
Per David Wright of the Express, Queens Park Rangers striker Charlie Austin has been linked with a whole host of Premier League clubs in a £15 million move, albeit his report fails to mention the Gunners.
Nevertheless, Giulianelli claims that any such links with Arsenal are not to be believed anyway:
With the likes of Karim Benzema seemingly staying put this summer, Austin could be worth pursuing, however.
The 26-year-old scored 18 goals in the Premier League last season and created seven in a poor team that finished bottom of the table.
In a team as creative as Arsenal, Austin would likely contribute plenty of goals thanks to his incisive play and power in the air.
The Englishman may not be the star Arsenal need to promote a title challenge, but the prolific striker is a natural goalscorer who could certainly be of use in lieu of a bigger name. Ultimately though, a move elsewhere or even staying at QPR seems the most likely outcome.