Arsenal are reportedly preparing to bid £9 million for Liverpool target Wilfried Zaha during the January transfer window, but this would be less than half of Crystal Palace's valuation of the 19-year-old.

Arsenal and Liverpool have been linked with Zaha for some time, while Manchester United were reported to have joined them in the race to sign the winger earlier this week.

Tottenham and Manchester City have also been credited with interest in Zaha, but Arsenal would appear to be ready to make the early running for the England under-21 international in the New Year.

According to the Daily Mail, Arsenal are set to begin bidding for Zaha at £9 million, but Crystal Palace chairman Steve Parish says he wants £20 million for the youngster.

Arsene Wenger would break his Arsenal transfer record if the Gunners boss matched Palace's demands, and it would come as some surprise if the Frenchman were to splash such a fee on a unproven player.

Liverpool, meanwhile, may also struggle to reach the valuation of Zaha given the club's wasteful spending in recent seasons on the likes of Andy Carroll and Stewart Downing.

But Liverpool owners Fenway Sports Group have shown a willingness to invest in youth, so may provide Reds manager Brendan Rodgers with the tools he needs to bring Zaha to Anfield.

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