In 1868 Zolotarev determined the polynomial which deviates least from zero with respect to the maximum norm on $[-1,1]$ among all polynomials of the form $x^n + \sigma x^{n-1} + a_{n-2}x^{n-2} + \ldots +a_1x + a_0$, where $\sigma \in {\mathbb R}$ is given. The polynomial was given explicitly in terms of elliptic functions by Zolotarev. It is now called the Zolotarev polynomial. Zolotarev also gave an explicit expression for the minimum deviation. In the sequel attempts have been made to replace the elliptic functions and to express the Zolotarev polynomial and the minimum deviation in terms of elementary functions, at least asymptotically. In 1913 Bernstein succeeded in finding an asymptotic formula for the minimum deviation, which has been improved several times since then. Here we give the first asymptotic representation of the Zolotarev polynomials. For the asymptotic representation we use the rational functions introduced by Bernstein. Furthermore, we obtain asymptotic representations of minimal polynomials with interpolation constraints which are of interest in the theory of the iterative solution of inconsistent linear systems of equations.