The Belgian is currently on loan at Valencia where he struggles with first-team opportunities.
Palace are looking to bolster their offensive line in January having been one of the lowest scoring Premier League sides this season – with only 19 goals netted so far.
The Eagles were expected to sign Solanke on a six-month loan but it was derailed by the striker's fitness problems.
Tammy Abraham was another player on Roy Hodgson's wishlist after he went off on loan at Aston Villa, scoring 16 goals this season.
But the Chelsea academy product has been targeted by Wolves who are ready to bid £18million to land him in January.
And according to Daily Mail, the Selhurst Park side have now reportedly set their eyes on Batshuayi.
Having failed to break into the Blues' senior squad, the Belgian international had to seek playing time on loan at Borussia Dortmund last season, and now Valencia.
But he has only scored three goals for the Spanish side this season, currently eight in the league table, and has lost his place in the starting line-up.
Batshuyai has only managed to play full 90 minutes in La Liga once, and Valencia are now keen to offload him back to Chelsea.
Crystal Palace were in talks with Batshuayi in 2016, and even agreed a fee with Marseille where he scored 33 goals in 78 games, but the 25-year-old eventually decided to move to Stamford Bridge.
The striker finished the 2016/17 season on a high note, scoring in three Premier League games in a row, but eventually dropped down the pecking order at Chelsea.
Batshuayi spent most of the last season on loan at Dortmund, but the Germans decided against extending his loan despite scoring 14 goals for the Bundesliga side.
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