The 22-year-old was signed by the Gunners three years ago from Southampton for £16 million, but Arsenal are looking to cash in on him.
Arsene Wenger is reportedly planning for a significant exodus of players from the squad this summer, and the Gunners are open to offers for Chambers.
Arsenal's Calum Chambers celebrates scoring their third goal
The England international is a versatile and technically accomplished defender who can play as full-back, central midfield and centre-back, but question mark remains over his pace and physical presence.
He is behind Laurent Koscielny, Shkodran Mustafi, Gabriel and Rob Holding in the pecking order among Wenger’s centre-backs.
Also, Chambers will struggle to get games ahead of Hector Bellerin or Alex Oxlade-Chamberlain in the right wing-back role.
Palace were heavily interested in signing Mamadou Sakho this summer, but they are unwilling to meet Liverpool’s £30 million price-tag on the French defender, according to The Standard.
The Eagles have completed the signing of Jairo Riedewald from Ajax for £8 million on Monday. And should they manage to secure the signing of Chambers, Frank de Boer will have an excellent defensive setup at disposal.
Arsenal's Calum Chambers scores their third goal