The Gunners have long been fans of the Crystal Palace star, who was in top form as the Eagles claimed victory in their Premier League encounter on Monday night, and had previous offers rejected.
But the former Arsenal midfielder Petit believes signing the winger would not be good for Gabriel Martinelli.
Petit told Genting Casino: “I love watching Zaha. He’s an electric player. He can be weird on the pitch sometimes, with his taunts.
“But I really liked his reactions to Arsenal, he was controlling his reactions, he was smiling, he was very confident. It should be like that in every game.
“Of course he would fit in well at Arsenal. But my question would be, what about Gabriel Martinelli?
“Martinelli has been very good since his injury and he is following in the same footsteps as Emile Smith Rowe and Bukayo Saka. He is the next generation of Arsenal players and if you brought in Zaha he would be playing regular football and Martinelli would be on. the bench.
“So I’m not entirely sure about that. Arsenal need competition in their squad, of course, but when you see the prospect of young players you have to be very careful with the players you bring into the club.
Despite the defeat at Selhurst Park, Petit believes Arsenal are still in a good position to qualify for the Champions League next season.
“Arsenal need a reaction in the next game,” he added.
“For me, their fate is in their hands. They will play against Tottenham, Manchester United and West Ham, so they have opportunities.
“When you look at Arsenal since Boxing Day, they lost to Liverpool and Man City and they were the best team on the pitch. Yesterday was Crystal Palace’s best game and Arsenal’s worst game of the season.
“With Chelsea, for weeks you had the feeling that they weren’t impacted by what was going on around the club, but the pressure is now on them because they were in charge and they are now dropping points.
“There are four teams vying for two Champions League places. But for me, Arsenal are in a very good position to clinch a Champions League place.