A winger is desired to offer top-quality creativity and service for forwards Pierre-Emerick Aubameyang and Alexandre Lacazette.
Unai Emery is intent on landing Zaha, who is desperate to join his boyhood club and make the jump up to European football.
The Gunners have little money to play with, though, as most of their £45m budget needs to go on sorting the defence with £25m-rated Celtic left-back Kieran Tierney the closest to signing.
In attack, Arsenal may have to settle for a cheaper player, but who else are the club looking at?
According to the London Evening Standard, the Gunners would be ready to turn their attention to Yacine Brahimi soon.
If their efforts to sign Zaha continue to get rebuffed, the free agent is an appealing option.
Brahimi’s contract has expired at Porto and he wants just £3m as a signing-on fee from his next club.
The 29-year-old has a solid track record in Portuguese football and has Champions League experience.
“Arsenal are in a race against time”
His wage demands would not be prohibitive either, although Arsenal are in a race against time with regards to his future.
Algeria international Brahimi apparently has interest from all Turkey’s top clubs and two other Premier League sides.
Elsewhere, Bournemouth’s Ryan Fraser, Dalian Yifang’s Yannick Carrasco and Barcelona’s Malcom are all being tracked.
The trio all pose as cheaper alternatives to Zaha too, although the Palace star is top of Arsenal’s wishlist for a reason.
In terms of statistics, though, Fraser bettered his Premier League rival last season as the Scotland international flourished at the Vitality Stadium.
Fraser scored seven goals and registered a staggering 14 assists last term, but he still has just 12 months remaining on his current deal.
Bournemouth have failed to tie him down to a new deal and the London Evening Standard add they are demanding £40m for the speedy short wideman.
Carrasco has expressed his desire to move on from life in the Chinese Super League and the ex-Atletico Madrid star is interested in heading for England.
His club want £25m but personal terms are more of a sticking point for Carrasco due to his huge salary in China.
Malcom, meanwhile, has been linked as an option on a loan deal if Barcelona can be convinced to do a deal.
The Catalan giants would prefer a straight sale, though, and want £50m.