Unai Emery’s side have already had a £40m offer turned down by the Eagles, who are holding firm on their £80m asking fee for their star player.
The Gunners are struggling to secure their targets this transfer window due to their failure to qualify for the Champions League, with just a £40m budget handed to Emery to add to his squad for the forthcoming campaign.
However, according to The Sun, Emirates chiefs have attempted to secure the deal for the Ivorian by offering £40m up front to the club plus Mohamed Elneny, Calum Chambers and Carl Jenkinson.
The report claims that Arsenal believe the three players collectively are valued at over £40m and they will alert Palace to the fact the offer would reduce the sell-on fee owed to Manchester United.
United are due 25 per cent of any potential transfer of the winger, as Selhurst Park officials failed to remove the clause during their negotiations for Aaron Wan-Bissaka.
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Zaha is desperate to join Arsenal, the club he supported growing up, and the Gunners are hoping that the 26-year-old hands in a transfer request to leave Palace.
Earlier this month, Zaha’s brother Judicael urged Palace to allow the forward to leave.
He said: “Wilfried will always hold Crystal Palace and their fans in the highest regard and all the support they have given means the world to him,.
“It’s my brother’s dream though to play for Arsenal. “Given all that Wilfried has given to Crystal Palace to help them remain a Premier League club.
“I hope Palace will be able to see their way to agreeing a deal with Arsenal that allows Wilfried to realise his dream of playing European football for the club he’s supported since childhood.”