According to the Sun, the Londoners are prepared to launch a £35 million offer for the Ivory Coast global.
Nevertheless, though the 25-year-old hasn't showed any signs of desire to leave Selhurst Park, a move up north might end up being an upgrade, especially with Sanchez's situation looking rather hopeless.
The Crystal Palace midfielder has been a rare positive for their relegation-threatened side, with the winger contributing two of their four league goals so far this campaign. The winger has been in good form this term despite playing only five times in the Premier League.More news: Fidget Spinners Sold At Target Contain Lead
However, that depends on a team paying a transfer fee for him six month before he becomes a free agent.
The Gunners seem consigned to losing their Chilean forward, either when his contract expires next summer or in a deal in January.
Tottenham were tracking Zaha's progress since returning to Palace from Manchester United permanently nearly three years ago.
He has returned in fine form and has scored vital goals for the Eagles, including the victor against Chelsea and a late equaliser against West Ham.