Gunners boss Arsene Wenger’s chief scout Steve Rowley watched the talented youngster in action at the weekend during Palace’s 2-1 win over Leicester.
If Arsenal want to land their man however they will have to fight off a host of Premier League rivals.
Tottenham, Manchester City and Chelsea have all been linked with a move for Zaha in recent weeks, although Palace chief Steve Parish insists he has no plans of selling up any time soon.
Despite that it is expected the South London club will receive bids from Premier League clubs when the January transfer window opens, and it seems as though Arsenal may be about to throw their hat in the ring.
Speaking at Arsenal’s AGM last week, Gunners boss Arsene Wenger confirmed the club’s desire to compile a squad that is made up mostly of talented young English players, and with Zaha considered one of the brightest prospects in the country, that is a profile he certainly fits.
The 19-year-old has been in fine form this season and has scored four goals so far, prompting now former Eagles boss Dougie Freedman to suggest he could be worth at least £11 million to his Premier League suitors.
Whether the likes of Spurs, Arsenal or indeed Chelsea and Manchester City are willing to pay such a lofty fee for an unproven youngster remains to be seen.
According to reports earlier this month Tottenham were lining up an £8 million January bid for Zaha, while both Chelsea and Arsenal are monitoring developments.