In this work, an algorithm for topology optimization of incompressible structures is proposed, in both small and finite strain assumptions and in which the loads come from the interaction with a surrounding fluid. The algorithm considers a classical block-iterative scheme, in which the solid and the fluid mechanics problems are solved sequentially to simulate the interaction between them. Several stabilized mixed finite element formulations based on the Variational Multi-Scale approach are considered to be capable of tackling the incompressible limit for the numerical approximation of the solid. The fluid is considered as an incompressible Newtonian fluid flow which is combined with an Arbitrary-Lagrangian Eulerian formulation to account for the moving part of the domain. Several numerical examples are presented and discussed to assess the robustness of the proposed algorithm and its applicability to the topology optimization of incompressible elastic solids subjected to Newtonian incompressible fluid loads.