Palace boss Ian Holloway is actively trying to bolster his squad before the close of the transfer window and has identified Brighton pair Bridcutt and Ulloa.
Holloway is in the market for a new striker after missing out on several targets so far this summer and he has switched his attentions to Ulloa.
Ulloa has impressed at Brighton since arriving from Almeria in January, scoring 14 goals for the Seagulls, including four this term.
Bridcutt is regarded as one of the best young midfielders outside the Premier League and has attracted the interest of a host of clubs over the last 18 months.
Brighton are reluctant to lose the key pair, with manager Oscar Garcia hoping to build a side capable of challenging for promotion this season.