The 25-year-old made a slow start to the season due to a knee injury but has returned to his best form following the appointment of Roy Hodgson at Selhurst Park.
And the Daily claims that Wenger is targeting replacements for former Barcelona forward Sanchez and is ready to push ahead with a move for Zaha.
Arsenal are bracing themselves for Sanchez exit, and the Chilean could leave as early as next month if Manchester City manage to reach an agreement.
Should City fail, they could still sign the 29-year-old on a free transfer next summer once his contract with Arsenal expires.
Zaha,who registered his best-ever campaign in the Premier League with seven goals and nine assists in 35 appearances, played for Palace in Thursday’s 3-2 defeat against the Gunners, and created a goal for Andros Townsend.
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