The Gunners manager’s predecessor Unai Emery wanted to bring the Ivory Coast international to the Emirates Stadium.
A deal could not be agreed with the Eagles, though, who were demanding £80m last summer.
Subsequently, Arsenal turned their attention to Nicolas Pepe, as he joined from Lille in a deal worth up to £72m instead.
Pepe has had a mixed first season at the Emirates Stadium, though, and Arteta is keen to strengthen his attacking options during his first summer in charge.
Arteta has little money to play with as Arsenal have a restricted transfer budget, but his case has been helped by winning the FA Cup on Sunday.
The Gunners’ 2-1 victory over London rivals Chelsea at Wembley secured them qualification for the Europa League after finishing eighth place in the Premier League table.
Arsenal are assessing their targets in the market, and Daily Star Sport understands Arteta is a secret admirer of Zaha.
Reports of a move to north London for the Palace star had died down following Pepe’s move last summer.
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But Arsenal may well reignite their interest under their Spanish boss, especially with Palace resigned to selling their key forward.
Zaha wants to play European football, and the Eagles will now accept £50m post-lockdown.
Arsenal are reluctant to pay that much still, while Everton are in a similar boat.
But a boost for the Gunners is 27-year-old Zaha wants to stay in London.
A move for the Palace ace is only expected, though, if Arsenal lose Pierre-Emerick Aubameyang.
The club are aiming to tie down their top goalscorer on a new contract, and if Arteta ends up needing to replace the wide attacker, he wants proven Premier League quality to come in.