The Independent claims that the Gunners are closing in the £72 million capture of Pepe, which will be finalised in the next few days.
Arsenal were put off by the high demands of their Premier League rivals and Zaha’s agent, leaving the former Manchester United forward facing an uncertain future.
Signing Pepe required roughly the same transfer fee as a move for the Palace star, but the Selhurst Park outfit’s insistence on receiving at least £55 million up front put an end to negotiations.
Arsenal’s deal for Pepe involves payments spread out over several years, which has allowed the Emirates club to clinch a big-money signing despite having a modest transfer budget to work with this summer.
Pepe, who scored 22 Ligue 1 goals last season, was also a favourable option as his wage requirements were significantly lower than those of Zaha.
Everton now appears to be the likeliest destination for Zaha, although Tottenham have been made aware of his interest in a move to north London.
The Ivory Coast international wants to leave Selhurst Park this summer but Spurs are not interested in signing him as things stand.
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