The Palermo man is in high demand this summer.
The Argentine has been linked with a host of Premier League clubs this summer - most notably Spurs - with Palermo chairman Maurizio Zamparini claiming he was in talks with the North London club for the 27-year old last month.
Spurs are still believed to be keen on the talented playmaker but are focused on securing other targets - the main one being AZ Alkmaar striker Vincent Janssen who looks set to sign imminently, according to the Daily Mail.
Vincent Janssen scores the first goal for Netherlands
Palace meanwhile have been active this summer - having already added former Tottenham man Andros Townsend and West Ham's James Tomkins to their ranks - and they are thought to be considering a move for Christian Benteke, as reported by The Guardian.
Watford's Ben Watson in action with Liverpool's Joe Allen and Christian Benteke
Vazquez would add further attacking flair to Alan Pardew’s team as he looks to build upon last seasons’ achievements and if they agree to meet his £12 million valuation, a deal could well be done soon.
Should Spurs push to sign Vazquez?