We report on the formation of a new icosahedral quasicrystal (iQC) in the Au-Sn-Yb alloy system. This iQC has a primitive icosahedral lattice with a lattice constant a(ico) of 0.5447(7) nm and a composition that was determined to be Au60.0Sn26.7Yb13.3. X-ray absorption spectroscopy measurement of the near Yb L-3 edge demonstrates that the Yb valence in the iQC is an intermediate valence between divalent (4f(14)) and trivalent (4f(13)) at ambient pressure and was determined to be 2.18+. The results are compared to those for a corresponding 2/1 cubic approximant crystal. The formation of this new iQC is discussed in terms of the atomic size factor (delta) and the valence electron-to-atom ratio (e/a).