Palace boss Ian Holloway is preparing to make the Morocco striker his sixth new signing of the summer.
And a deal is expected in the next few days, according to Sky sources, although the structure of the deal is still the subject of discussion.
Chamakh, who has not played a Premier League game for Arsenal since May 2012, and had an unsuccessful loan spell at West Ham last season, is expected to move permanently on an initial one-year contract.
Holloway has admitted finding the transfer market a huge source of frustration this summer but has broken the Palace transfer record to sign Dwight Gayle from Peterborough.
Stephen Dobbie, Jerome Thomas, Jose Campana and Elliot Grandin have also arrived, while Kevin Phillips has re-signed for a further year.