Zaha was pushing for an exit from Selhurst Park this summer and it was widely expected that he would make a big-money move away.
Palace were holding out for a fee closer to £80m and it was thought Arsenal would return with a bigger bid.
However, the Gunners signed Zaha's compatriot Nicolas Pepe from Lille instead.
Zaha still had the chance to join Everton, but their bid was also rebuffed by Palace and the Toffees ended up nabbing Arsenal's Alex Iwobi on deadline day.
John Salako, who made 215 appearances for Palace between 1986 and 1995, thinks neither of the aforementioned suitors would be best for Zaha.
"Of course [there's still concern he could leave in January]," Salako told Lovesport Radio (via Goal).
"I think Chelsea would probably be the best home for him after their ban. They've got a really exciting young side there, and Wilf could come in and add to that.
"He could well move there, but Arsenal could come back with the money too. Anything could happen."
Salako was the first-team coach at Palace in 2015/16 and he admired Zaha's reaction to staying at the club.
"It would have been difficult for him because he had his mind set on going," he added.
"He's had to get his head down and focus on Crystal Palace, and he's done that. He's back to his best."
Chelsea have previously been linked with making a move for Zaha when their transfer ban ends before the next summer transfer window.
It's believed from saving money over these two windows, they could have cash to spend – perhaps enough to tempt Crystal Palace into selling.
Zaha is in action for Ivory Coast against the Democratic Republic of the Congo on Sunday.
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