We report the results of a deep search for the optical and near infrar
ed counterpart of the microquasar source GRS 1758-258. At least two po
ssible candidate counterparts of the binary star companion have been r
ecognized on the basis of astrometric coincidence to within 1''. Our p
hotometric study shows that the brightest of them would be consistent
with a K-type giant star, while the weakest one would be a main sequen
ce F companion. Follow up spectroscopic observations in the near infra
red H and K-bands have failed so far to provide evidence for emission
lines that may support an unambiguous identification. However, the pro
ximity of these two sources to the sub-arcsec VLA radio position of GR
S 1758-258 makes them deserving further attention in the future.