The Russian giants had made Christian Eriksen their main focus, but were put off by Inter’s high demands.
As a result, they are now looking at Fekir, 27, who joined Betis from Lyon a year ago.
The French international could also prove too costly for Zenit in a cash-only deal, since Betis paid €19.75m to sign him.
In addition to that, Lyon have a 20% sell-on clause and Fekir himself is entitled to 10% of his next transfer fee.
As a result, Betis would have to set a €30m starting price if they wanted to recover their investment.
Zenit have hope
A possible compromise could be the transfer formula they agreed when Giovani Lo Celso joined Spurs in 2019.
Betis loaned Lo Celso to Spurs with an option to buy, which the English club then used in January of this year.
Fekir’s numbers last season were solid but unremarkable with seven goals and seven assists in 32 appearances.
The former Lyon star also has a high €7m-per-year salary, which weighs heavily on Betis’ books.
That means a move to Zenit is not impossible if the two clubs can reach an understanding.
Zenit could also offer Champions League football to Fekir while Betis are not in Europe after finishing 15th last season.