The Moroccan has also been linked with Premier League newcomers QPR and French side Bordeaux during the summer, but is thought to have agreed a fresh contract with the Eagles.
He originally joined Palace for 12 months last August, scoring five goals as the club pulled away from the drop-zone in the closing months of the season.
Speaking to Sky Sports last month, Chamakh admitted his determination to stay in England after reviving his career in south London.
"I love playing in the Premier League and I was really happy with how things went last season,” he said.
"It took me a while to settle when I first came to England, like it does most players when they first come to the Premier League, but I am happy when I am playing and I want to continue doing that in the Premier League.”
Palace co-chairman Steve Parish has expressed his desire to retain the former Arsenal man, who claimed a regular starting role under manager Tony Pulis after an unhappy spell at the Emirates.
And Chamakh has now committed his future to the south Londoners as they prepare for a second season in the top flight.