Icardi joined the Italian outfit from Sampdoria in 2013 and he has been a regular fixture in the first team ever since, making 91 Serie A appearances and scoring an impressive 53 goals.
The 23-year-old was appointed as captain before the start of the 2015-16 season but he has been unable to lead his side to glory in what has been a frustrating period.
He now finds himself embroiled in a huge rift with the club's Ultras, who raised a banner during Sunday's 2-1 defeat against Cagliari telling the skipper to leave.
Tensions are extremely high at the moment and Mazzola feels the Argentina international should end his stint when the summer transfer window opens.
"I believe that the club should take action immediately and maybe end the relationship with the player after this season," he said. "I do not remember how old I was when I wrote my first biography, but I was certainly more than 23."