The Gunners are desperate for fresh faces this summer as they look to bounce back from a disappointing campaign.
Emery failed to secure Champions League football as he guided them to a fifth-place finish before they were thrashed by Chelsea in the Europa League final.
Arsenal are close to securing deals for William Saliba and Dani Ceballos as they look to strengthen their squad on a limited budget.
Emery has reportedly been handed just £45m to spend and while Zaha and Celtic’s Kieran Tierney remain priority targets, Arsenal have made little progress as they refuse to pay their respective asking prices.
Palace are demanding £80m for Zaha and this week they rejected Arsenal’s latest offer, which was worth around £55m plus Reiss Nelson on loan.
And it’s looking increasingly likely that the Ivorian will still be at Selhurst Park after the transfer window closes.
Arsenal’s paltry transfer budget is a result of them missing out on the Champions League and there’s a bitter irony that Zaha’s goal at the Emirates in April effectively sealed their fate.
The winger ran the Gunners ragged as Palace ran out 3-2 winners and it was that performance that convinced Emery to relentlessly pursue him.
“I don’t think Crystal Palace are under any pressure to sell him.”
Sky Sports reporter Kaveh Solehkol
The Mirror claim the Spaniard wants Zaha for two main reasons – his unpredictability and to provide a different option.
Arsenal are currently starved of options out wide and their squad lacks pace, with few players with the ability to beat a man.
Zaha has these skills in abundance and his ability to carry Palace through tough spells is exactly why they’re dragging their heels over a sale.
And Sky Sports reporter Kaveh Solehkol believes the Eagles would be less stubborn if Arsenal were among Europe’s elite.
“I don’t think Crystal Palace are under any pressure to sell him. They are being very, very firm,” he told the Transfer Talk podcast.
“They are saying ‘look, he’s our player, we would understand if he wanted to leave to go and play for a Champions League club, but Arsenal are not a Champions League club’.
“They wouldn’t stand in his way if Barcelona or Real Madrid or PSG or Manchester City or Liverpool were trying to sign him.
“But when it comes to Arsenal, they don’t feel that the attraction there is as much as it would be at a club that was in the Champions League.”