Media reports in Argentina are claiming Basanta will cover for the suspended Rojo at left-back on Saturday, while speculation is growing that Demichelis may be promoted by coach Alejandro Sabella to either central defence or defensive midfield.
Argentina have yet to arguably perform at their maximum level at the FIFA World Cup and, after picking the same back eight players in all but one match so far, Sabella has reportedly been considering making a change versus Belgium in Brasilia.
Demichelis, who has yet to play a minute in Brazil, could take Federico Fernandez's spot in central defence or Fernando Gago's midfield berth.
The 33-year-old started Argentina's warm-up friendly versus Trinidad and Tobago at the start of June but, before that match, had last represented his country in 2011.
Rojo must be replaced after picking up his second yellow card of the tournament in Argentina's 1-0 victory over Switzerland in the round of 16 with Basanta, who came off the bench in extra time to cover for the Sporting Lisbon man, set to get the nod at left-back.
Meanwhile, Sergio Aguero could have a chance of playing off the bench at the Estadio Nacional de Brasilia after returning to training on Wednesday.
The Manchester City striker missed the game against the Swiss due to a thigh injury, which has been troubling him in Brazil.
