The Gunners boss was asked about January transfers and whether he would like to have such a player in his team.
Arsenal travel to Palace for a key Premier League game this weekend, where they will come up against Zaha.
They were linked with the player in the summer, but Palace's asking price meant they opted for Nicholas Pepe from Lille instead.
And when asked about the player's qualities, Arteta was full of praise.
He told the club website about the Ivory Coast winger: "One of the things to be aware of, 100 per cent. We know Wilf and the type of talent he is.
"When he gets isolated in one-on-one situations, we know what he can do. Of course it will be part of the gameplan.
"I think he's a terrific player and I think the impact he's had in the Premier League in the last few years has been phenomenal.
"His ability to create chances on his own is unique."