The Gunners failed to get anywhere near Crystal Palace’s £80m valuation of Zaha and ultimately turned their attention to Pepe this week.
Arsenal have struck a £72m deal with Lille for the Ligue 1 goalscorer and he is set to head for the Emirates Stadium soon.
Zaha was desperate to be the player Unai Emery brought in to improve his attacking threat.
But the boyhood Gunners fan was priced out of a move across London, leaving his future in limbo.
Everton are poised to offer him a chance to take the next step in his career, though.
Marco Silva has money to spend at Goodison Park and has made the Eagles talisman a top target.
In the wake of Arsenal’s agreement over signing Pepe, Everton have lodged a £55m straight-cash bid to Palace for Zaha, according to Sky Sports.
It is unclear as yet whether the Eagles have responded to the proposal.
READ MORE: Arsenal, Crystal Palace and Everton all feature in our Transfer News LIVE blog
“No Toffees players were included in their £55m offer”
However, one factor is that 25 per cent of any fee would have to go to Manchester United due to their sell-on clause.
A fee of £55m would see Palace take home just over £40m, which is less than what they received earlier this summer from United for right-back Aaron Wan-Bissaka.
Zaha’s desire to move on from Selhurst Park to a club directly fighting for European football may see him get his wish before the Premier League transfer window shuts on Thursday, August 8.
Everton have made their stance clear in that they are keen on luring him to Merseyside.
No Toffees players were included in their £55m offer, with a compromise potentially edging closer.
The Times say Everton are near to agreeing a deal on the transfer, which has been prioritised by Silva.
Pepe’s club-record switch to Arsenal from Lille is said to have increased Everton’s chances of getting Zaha.
Chelsea have also been linked over a deal which would be lined up for next summer once their transfer ban ends.
But it appears Everton are frontrunners to sign Zaha from Crystal Palace ahead of the new campaign.
Ironically, Palace host Everton at Selhurst Park on the opening weekend of the Premier League season.