The Eagles' boss believes he can reinstate the confidence of the Morocco international, backing the striker to prove his worth upon an imminent move to Selhurst Park.
The 29-year-old Chamakh joined Arsenal from Bordeaux in 2010, but after scoring seven goals in 29 league appearances in his debut season, he has featured just 23 times in all competitions since.
After spending the previous campaign on loan at West Ham, the Morocco international is set to move to Selhurst Park after Holloway confirmed a deal, and the Palace boss is keen to help the forward get back to his best.
"It's about him getting going again, and I normally do all right with people whose careers are faltering," Holloway told the Daily Mail after his club's 1-0 preseason loss to Lazio on Saturday. "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."
The deal, which looks likely to be finalized next week, will mark Holloway's seventh new addition of the offseason.