Eagles boss Patrick Vieira wants reinforcements in the middle of the park after Conor Gallagher returned to Chelsea following the end of his loan stint at Selhurst Park.
Vieira is keen on Gibbs-White, but there is substantial competition for the Wolves man, while Bruno Lage would also like to keep him at Molineux.
And the Eagles are determined not to be without options in midfield, with Chelsea’s Loftus-Cheek eyed as an alternative.
Loftus-Cheek had a loan spell at Crystal Palace in the 2017/18 campaign, while the 2020/21 season was spent at Craven Cottage on loan at Fulham.
Now 26 years old, Loftus-Cheek may be tempted by the first team football that a move to Crystal Palace could bring.
He clocked 24 appearances for Chelsea in the Premier League last term.
Loftus-Cheek has a further two years left to run on his current contract at Chelsea and has now made a total of 121 appearances for the club.
