The former Chelsea striker, who now works as a pundit for talkSPORT, believes that Zaha would put pressure on the Liverpool front three of Sadio Mane, Mohamed Salah and Roberto Firmino.
However, Cascarino does not believe that the Reds would pay the kind of transfer fee that London club Palace would want for Zaha.
According to The Daily Star in August, the Eagles value the 27-year-old Ivory Coast international at £50 million.
Cascarino wrote in The Times: “It is difficult to see where Zaha could go. I think he would be perfect for Liverpool to put pressure on the frontline trio of Sadio Mane, Mohamed Salah and Roberto Firmino, but the champions are unlikely to want to pay for a back-up player the kind of fee Palace are demanding.”
Would Wilfried Zaha be a good signing for Liverpool?
Zaha is a very good winger and arguably the best not to play for a top-six club in the Premier League.
The 27-year-old would make Liverpool a better and more potent team, and his skills, dribbling quality, pace, goalscoring prowess and creativity would make him very popular among the Anfield faithful.
True, the 27-year-old would have to work extremely hard for regular playing time, but one suspects that he would relish the chance to play for a big club such as Liverpool and prove that he can play for the elite, especially after he could not make a huge impact during his time at Manchester United.