The Arsenal boss is preparing for Sanchez’s departure and is ready to launch a £35m bid for the Crystal Palace talisman, according to The Sun.
The Eagles are determined to keep Zaha, 25, at Selhurst Park but are braced for interest in the Ivory Coast forward.
Zaha has returned from injury to earn Palace’s ONLY points of the season with the winner against Chelsea and last-gasp equaliser in their clash with West Ham.
He agreed a fresh five-year deal in the summer but interest in him has remained.
Tottenham were tracking Zaha’s progress since returning to Palace from Manchester United permanently almost three years ago.
And Wenger believes he has the ability to replace Sanchez, who will leave the club when his contract expires at the end of the season or in January.
Sanchez’s departure will leave a huge gap in Wenger’s forward line and the Frenchman is already looking at his options.
Porto forward Yacine Brahimi has been scouted by Wenger but Zaha is seen as a player with proven track record in the Premier League.
Zaha started his career playing for Palace in the Championship but clubs no it will be almost impossible to keep him in the second tier should the club get relegated.
Palace headed into the international break rock bottom of the Premier League despite Zaha’s displays and are effectively seven points from safety given their goal difference.