Speaking to The UK Sun, the 2019 Africa Cup of Nations (Afcon) bronze medalist admitted he may be forced to leave the club if such a scenario occurs.
Arsenal has already had a bid of around £40 million rejected for the Ivorian winger, who the Eagles value at closer to £80 million.
Zaha’s camp are highly confident that the Gunners will return with an improved bid for the Ivory Coast winger.
Zaha who has been vocal with his desire to join up with the record FA Cup winners would limit Iwobi’s minutes at the Emirates.
“I am not one to chicken out.
“I have had it all over the years, being told I’m not good enough.
“So whenever the chance comes I always try and prove I should be starting. But it’s going to be difficult if Zaha comes. He will add more stress.
“Obviously my joy is to play football and not just sit out.
“If it comes to that I would have no choice but to leave. But I would always put up a fight to play – that is what I’ve done all my life,” Iwobi said.