Icardi has spent the 2019-20 season on loan at PSG.
The total could reportedly come to €57 million with add-ons.
His buyout clause was originally set at €70 million, according to Romano. The economic effects of the coronavirus pandemic may have contributed to the reduction in value.
Icardi's relationship with Inter had become toxic after six topsy-turvy years together.
There were some good moments at first. Icardi shared the Serie A scoring title with Luca Toni in 2015 and again with Ciro Immobile in 2018. In all, Icardi scored 126 goals in 222 appearances with the Serie A giants.
But he was stripped of the captaincy in February 2019 after refusing to travel with the team to Vienna for a Europa League match. His wife and agent, Wanda Nara, caused more tension by revealing on public television that Inter had considered selling Icardi to eternal rivals Juventus. There were reports at the time that ex-teammate Ivan Perisic had confronted Icardi over comments his wife had made about an apparent lack of service. His contract with the Nerazzurri, which was due to expire, was another point of contention.
Amid an array of issues, the 27-year-old moved to Paris on the final day of the 2019 summer transfer window and hit the ground running, scoring 20 goals in 31 appearances.
He's now expected to replace Edinson Cavani, who's set to leave the Parc des Princes once his contract expires this summer.