Crystal Palace will reportedly reject Manchester United's £12 million proposal for Wilfried Zaha, seemingly providing Arsenal with some hope of signing the young winger.

Zaha has frequently been linked Manchester United and Arsenal and appears destined to leave Selhurst Park either in the January transfer window or at the end of the season.

According to the Daily Express, Manchester United manager Sir Alex Ferguson is set to make the first move for Zaha, although Crystal Palace will dismiss his proposal.

Manchester United will reportedly offer £6 million plus various add-ons and performance related payments, but Palace want more cash up front for the 20-year-old England international.

The Old Trafford club are, however, reportedly prepared to loan Zaha back to Palace for the remainder of the season, if a deal can be completed before the transfer deadline.

Arsenal, it is claimed, could contest Manchester United by formalising their interest in Zaha, as Gunners boss Arsene Wenger strives to reinforce his squad during the transfer window.

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