Icardi enjoyed the best season of his career in 2017/18, scoring 29 goals in Serie A and steering Inter to fourth place in the table to qualify for the Champions League for the first time since 2011.
Morata, on the other hand, failed to settle at Stamford Bridge following his £60m move from Real Madrid. Despite a strong start to his Chelsea career, the Spaniard managed only two Premier League goals in the second half of the season.
His loss of form resulted in him playing second fiddle to Olivier Giroud by the end of the campaign, while he was also omitted from Spain's World Cup squad.
Given the valuation of Morata based on what Chelsea paid last summer, that would make the total package worth around €110m, which is the size of the buyout clause in his contract.
What may count against Chelsea is the lack of Champions League football at Stamford Bridge next season. With Icardi having taken Inter there and never yet playing in the competition despite his reputation as an elite striker, he may be unwilling to suddenly drop back down.
Morata could well be open to a move to Inter, though. The 25-year-old previously spent two years with Juventus and spoke fondly of Italy not long after joining Chelsea. His wife, who will soon give birth to his first child, is Italian and the pair were married in Venice last year.