The Daily Express says the Gunners will open the bidding for the striker in January and a deal is expected to be struck for about £12million.
Zaha, 20, is a massive Gunners fan, and has told friends the Emirates is where he wants to go. He made his England debut in November and is being chased by a host of clubs, with Manchester City prepared to offer around £15m, including £12m up front, and allow him to remain at Selhurst Park on loan for the rest of the season.
Palace are aware of Arsenal's intense interest. The club placed a £20m price tag on Zaha but that is believed to be a negotiable figure. Initial informal talks have already been held.