The Gunners have been heavily linked with a move to sign the forward from the Eagles this summer as Unai Emery looks to add to his squad at The Emirates ahead of next season.
Arsenal are thought to be on the lookout for some reinforcements in a number of areas, and reports this week have claimed that the Gunners are planning a bid to land the Ivory Coast international.
The north London side have only a limited transfer budget at their disposal this summer after they failed to secure qualification for next season’s Champions League.
And former Gunners midfielder Parlour doesn’t think it would be wise for Arsenal to spend too much money on signing Zaha this summer.
Speaking in an interview with Sky Sports, Parlour said: “He [Zaha] would be a good signing but it all depends on how much he is going to go for.
“It’s reportedly [going to cost as much as] £100m – which is a lot of money. It’s a lot of money to splash out on one player.
“You might look at other players and other [defensive] positions that need strengthening as well.
“Depending on the budget we have to wait and see what happens but he is certainly a very good player with a lot of quality.”
Arsenal finished in fifth place in the Premier League table last season and without a trophy.
The north London side have not won the Premier League title since their famous unbeaten triumph under Arsene Wenger back in 2003-04.
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