Zaha has caught the eye with some thrilling performances in the Npower Championship, and showed his class against Manchester United in the Carling Cup last month.
Liverpool have been tracking Zaha for a while, but it's Newcastle who are the latest to join the race for the 19-year-old.
Reports suggest both clubs are looking to do a deal in the upcoming January transfer window.
However, at least in the short term, both Liverpool and Newcastle's move for Zaha is likely to be scuppered, with the Palace flyer expected to sign a new contract at Selhurst Park.
Ipswich Town tied striker Connor Wickham down to two new contracts during last season, but eventually sold the forward to Sunderland, and with Newcastle and Liverpool will be hoping they can strike a similar deal despite Zaha signing a new long-term contract.