The Eagles manager wants his former charge to be given a chance at Manchester United and believes he is good enough to play in the first team but would accept him back if offered
The 20-year-old joined the Premier League champions in January but remained at Selhurst Park until the end of the season, helping Palace achieve promotion from the Championship via the play-offs in the process.
Speculation has been rife regarding the winger's immediate future, with reports suggesting West Ham and Fulham are eager to take him from Old Trafford on loan for the 2013-14 campaign.
However, Zaha's former boss Holloway has revealed he will not be making an enquiry as to the player's availability.
"I don't think for one minute I'd ever consider asking (United manager) Davd Moyes (about signing him) right now. I don't think it's fair to the boy. He's got to have a go at Man United," he told talkSPORT.
"I'm sure I know Moyes that well that if there was a club in the Premier League that Wilfried Zaha wanted to play for, if it wasn't Manchester United, I'm sure it would be us, so I'm sure the phone would ring.
"But, let's be perfectly honest, I think the boy is so exciting he's going to have a chance at Man United and I can see him getting in their first team and I genuinely mean that."
Zaha will begin pre-season training at United on Monday after being granted extended leave following the European Under-21 Championship.