Sources in France state Lyon want €12 million (Dh60m) for Brazil international Bastos, although Al Ain are prepared to offer only €6m, rising to €9m.
The seven-time French champions are understood to have rejected a €6m offer from Juventus in January.
According to sources, Bastos, an €18m signing from Lille in 2009, will be employed on the left side of Al Ain's midfield, with promising youngster Omar Abdulrahman switching to a role behind the main striker.
The Pro League champions are in the market for two overseas players following the departure of influential Argentine midfielder Ignacio Scocco and Saudi frontman Yasser Al Qahtani, whose brace against Al Jazira in April clinched the title.
Having been thwarted in attempts to extend Al Qahtani's loan deal or buy the player outright from Saudi Arabia's Al Hilal, Al Ain have again switched attention to the English Premier League after this month completing the permanent signing of Asamoah Gyan from Sunderland.
"We're in talks with a player from the Premier League to cover Yasser's position, although I can't tell you where the negotiations are, and what the outcome may be, because I'm not party to those discussions," said Carlo Nohra, the club's chief executive.
"Representatives of the club have been dealing with this for the past 10 or 12 days, but there is no particular date yet for resolution.
"I'm sure they have one in mind, because if he doesn't want to come then somebody else will have to be sought."
Nohra refused to disclose the identity of the player or the club in question, but revealed the striker has spent the past couple of seasons in the Premier League, although not always as a regular starter.
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