Chamakh joined the Eagles yesterday after falling out of favour at Arsenal.
The Palace manager has backed himself to get to best out of Chamakh, who scored a lot of goals for Arsenal when he first came to English football.
"It's about getting them going again, and I normally do alright with people whose careers are faltering," Holloway said.
"I love them and work with them. Hopefully I can get him back to what he played like when he first went to Arsenal.
"There was nothing wrong with him when he scored eight in nine, but I wouldn't fancy being Robin van Persie's understudy, it couldn't have been fun."
Palace were beaten 1-0 by Lazio in a friendly yesterday.