The Moroccan striker has failed to make any sort of impact at the Emirates during the past 18 months and even endured a goal-free spell on loan at West Ham in the second half of last season.
Chamakh was at the Palace training ground yesterday to complete his medical ahead of the permanent move that will see him sign a one year contract.
The Eagles main striker Glenn Murray is not expected to be fit until after Christmas due to a serious knee ligament injury which he suffered in the play offs at the end of last season.
Holloway has brought in Steven Dobbie and Dwight Gayle to bolster his strike force but he pulled out of a deal to sign free agent Carlton Cole due to wage demands.
Chamakh will need to prove his fitness and form to get in the Palace side but a fresh start may be exactly what he needs.
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