After top scorer Diego Costa agreed a deal with Chelsea and fellow attacker David Villa joined incoming MLS club New York City, Atletico have been on the lookout for attacking reinforcements as they aim to retain their La Liga title.
Bayern Munich striker Mario Mandzukic is reportedly set to sign for the Madrid-based club, while Inter youngster Icardi is also on the radar.
But the 21-year-old Argentine, who scored eight Serie A goals in his debut campaign for Inter following his arrival from Sampdoria, has no intention of leaving Italy.
"Atletico Madrid's interest? They are a big club that has done really well with (coach Diego) Simeone," Icardi told tuttomercatoweb.com.
"I'm flattered but I want to remain here. I am here because Inter is a big club.
"Money is not important because we already have a privileged life as a footballer.
"I have four years left on my contract, I am happy here and I want to remain."
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