Zaha, 28, almost moved to the Emirates in 2019 when he handed in a transfer request but Palace wanted £70m to sign him.
Arsenal had a £40m bid plus add-ons rejected, and didn’t take their interest any further as they signed Nicholas Pepe for £72m instead.
The Gunners would need to raise funds this summer by letting Alexandre Lacazette depart, and sources said Sevilla, Roma and Atletico Madrid are keen on him.
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Zaha left Palace to join Manchester United in 2013 but endured a tough spell at Old Trafford and returned to the London club on a permanent deal months later. He has nine goals and two assists this season