The Lyon left back has been earning rave reviews for his performances in Ligue 1, leading to speculation that Kenny Dalglish is keen on bringing the player to Liverpool in the summer.
French sources claim the Anfield outfit have already made contact with the French side, and that a bid in the region of €17 million could be made by the Liverpool boss.
Dalglish is thought to be in the market for a left-sided defender, with Paul Konchesky out-of-favour on Merseyside and set for a summer exit after joining Nottingham Forest on loan for the remainder of the season.
Taye Taiwo and Jose Enrique have also been linked with a move to Liverpool, who appear set to splash the cash once again after huge spending in January.
NESV, the club's new owners, spent over £55 million on Andy Carroll and Luis Suarez in an effort to bolster the club's attacking line, but 'King Kenny' has hinted at further additions to strengthen the squad as a whole.
Bastos, who can play in a more advanced position and is renowned for his crossing ability, would also provide Liverpool with experience. A former Feyenoord player, the 27-year-old has 10 caps to his name for Brazil.
Liverpool have a number of options available for the problem left back position, and it seems certain that they will make a move at the end of the season.