The 21-year-old is yet to make his Premier League debut for Manchester United since joining for £15m in the summer, with his only action coming in the Community Shield and the League Cup.
David Moyes will allow the England international to leave on a short-term basis in January and a number of top-flight clubs are thought to be interested.
The Eagles are one of the many thought to be monitoring the situation, and Bolasie said that it would be "legendary" if Zaha were to return to South London.
"I think Wilf would probably love to come back down here and be back at home," he told talkSPORT. "Also not forgetting the fact we're playing in the Premier League which is a bonus.
"If he could come back that would be legendary, but everyone moves on. Everyone's got different plans in their career so if he doesn't then that's just football for you."
Zaha scored eight goals and provided nine assists as Palace secured promotion from the Championship through the playoffs last season.