Gunners head coach Unai Emery has earmarked the Ivory Coast international as his top transfer priority this summer after the winger impressed during Palace's 3-2 win at the Emirates last April.
Zaha, who scored 10 Premier League goals for Palace last season, has expressed his desire to join his boyhood club, but Palace have placed an £80million price tag on their talisman.

Wilfried Zaha

Image credit: Getty Images

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Arsenal had a £40m bid rebuffed last month, and with Emery's transfer budget for the summer set at just £45m, The Independent claim that Palace have been offered a £55m deal with an additional £10m based on conditional clauses.
Exciting prospect Reiss Nelson would be included on loan as part of the structured agreement, but Palace have reportedly turned down the offer.
Palace are seeking a deal closer to their £80m valuation, while not ruling out the possibility of an Arsenal player heading to Selhurst Park on a permanent basis.

Reiss Nelson could join Palace on loan as part of the Zaha deal

Image credit: Getty Images

The sale of Aaron Wan-Bissaka to Manchester United has opened up the need for a new right-back, and Carl Jenkinson has been linked with a move to the Eagles.
For Palace, the sale of Zaha is complicated by a 25 per cent sell-on clause being owed to United after he rejoined Palace from the Old Trafford club in 2015.
The forward is determined to play European football next season, after telling the Daily Mail last month: "I have to experience the Champions League. I just need the opportunity, that's it. And I'll do the rest.
"I'm too ambitious. And not ambitious just to play for a top club, but to win things at club level and with the Ivory Coast.
For me to be better, to achieve what I know I am capable of, I have to aim to play at the very highest level, to win trophies.
"I'm blessed to have come this far in my playing career. But I feel like there is so much more I have to offer."
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