The Blues are said to be willing to allow Morata to leave along with €35 million to €40 million (£30 million to £35 million), according to Cadena Ser and Il Messaggero (h/t George Flood for MailOnline).
Morata endured a tough first season at Chelsea after signing from Real Madrid in July 2017. He scored 15 goals in all competitions but is not a guaranteed starter. He was also left out of Spain's FIFA World Cup 2018 squad by manager Julen Lopetegui. Incidentally, Icardi was also not selected by Argentina for the tournament.
Inter are just one of three Italian clubs interested in signing Morata, according to Goal's Nizaar Kinsella:
However, Juventus chief executive officer Giuseppe Marotta has poured doubt on the Italian champions trying to sign the striker. He said, per Calciomercato.com (h/t Football Espana): "I do not deny that Morata expressed his appreciation for Juventus, but there are very few possibilities because the price from Chelsea is very expensive."
By contrast, Icardi has enjoyed a brilliant season with Inter and managed 30 goals, as the Nerazzurri finished in fourth place in Serie A and secured UEFA Champions League football.
WhoScored.com highlighted how clinical the Argentinian has been:
His goalscoring exploits mean that the Inter star is a wanted man this summer, according to his agent and wife, Wanda, as Goal shared:
Inter manager Luciano Spalletti has been asked about Icardi's future and could not guarantee he would stay at the San Siro, according to Football Italia.
"It depends what he wants," he said. "Keeping those who don't want to stay is difficult. That's not the case with him, but I can't sit here and tell you he won't make a request. It depends what happens on the transfer market."
Icardi easily outscored Morata this season and has been impressive in leading Inter to a Champions League spot. He looks to be an upgrade on Morata, but swap deals are rare in elite football, as it can be difficult to find an outcome that suits all parties.