According to the Mirror, Roy Hodgson's Palace are keeping tabs on the DR Congo international's situation on Merseyside, with the 29-year-old yet to receive any clarification on his Toffees future by boss Marco Silva.
Bolasie, who suffered a significant knee injury early on in his Everton career, had already found game time hard to come by under Sam Allardyce last season, and has been pushed further down the pecking order by the arrivals of Richarlison and Bernard this summer.
Palace have had to be smart in this window as funds have been limited, signing Max Meyer and Vicente Guaita on free transfers whilst shelling out just £9m for Cheikhou Kouyate, with the Eagles' two loan spots still free to use.
One of those spots is set to be taken by Swansea's Jordan Ayew, with the Ghanaian set for a temporary arrival after Jairo Riedewald declined the offer to move to South Wales in what would've been a permanent deal.
As a result of the aforementioned, Bolasie also looks likely to arrive on loan as Palace would struggle to buy their former player, whom they signed for just £300k from Bristol City back in 2012, back to SE25 outright.
Bolasie, who notched 13 goals in 143 appearances for Palace, would further strengthen an Eagles side lacking depth in wide areas.
His potential arrival could spark the same return to form seen in Wilfried Zaha, who is now back to his best in south London after a confidence draining spell at Manchester United.
In other news, Hodgson will have to consider the futures of both Riedewald and Jason Puncheon, both of whom have been subject of offers elsewhere.