The move comes as Bastos attempts to resurrect his career, having struggled for playing time at Palmeiras since his 2016 move from Sao Paulo, report Xinhua news agency.
"We are happy to have signed a player of the calibre of Michel Bastos. His experience, talent and work rate will make him an important part of our squad," Sport football director Klauss Camara said in a statement on Saturday.
No details were given about the length of the loan.
Sport are understood to have beaten off interest in the 34-year-old from Coritiba.
Bastos is contracted with Palmeiras until the end of the year and is not expected to be offered a new deal.
Capped 10 times for Brazil's national team, Bastos is in the 17th year of a professional career that has included spells at Feyenoord, Lille, Lyon, Schalke and Roma.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
