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.
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