The Crystal Palace wide man has emerged as a top target for the Gunners.
However, the two clubs remain miles apart when it comes to his asking price.
Arsenal are keen to pay around £40m for his services. Palace, in contrast, want at least double that amount.
According to Sky Sports transfer guru Kaveh Solhekol, that isn’t Arsenal’s only issue though.
“Arsenal boss Unai Emery is battling for Wilfried Zaha”
He reckons Palace would be more understanding if the north Londoners were playing Champions League football this season.
“Wilfried Zaha is Unai Emery’s No 1 target ever since Emery watched him play for Palace at the Emirates Stadium when Arsenal lost 3-2 to Palace in April,” Solhekol said on the Transfer Talk podcast.
“We’ve been told that Emery is desperate to sign him.
“But of course it all comes down to making an offer that Crystal Palace are going to accept.
“I don’t think Crystal Palace are under any pressure to sell him.
“They are being very, very firm.
“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.”
Arsenal have made just one signing this summer.
Gabriel Martinelli, 18, was snapped up from Brazilian side Ituano.
More new arrivals are on the cards, but Emery has made it clear he won’t spend for the sake of it.
“Really I am with patience because we want to choose the best solution,” he said after Arsenal’s 3-0 pre-season win over Fiorentina.
“Some players are very expensive and we are waiting for this possibility.
“We don’t want now to go to the second line of players. We are waiting. We have very good players.
“We have very good young players. We are aware also that we need to improve some players in this squad.
“I want to sign one, two, three or four players only if we can be sure they are coming to improve our team.”