Nottingham Forest tabled an offer worth around €17.5m for the 20-year-old Dutchman on Wednesday, according to Voetbal International, but Feyenoord turned it down without hesitation, with the Eredivisie club understood to value Read at closer to €25-30m.
Forest are the first club to make a formal move for Read, though Bayern Munich, Manchester City and Paris FC have all been credited with interest in the player, who joined Feyenoord from FC Volendam on a free transfer in 2023 and has a contract running until 2029.
The move for a new right-back comes with Oliver Glasner, who left Crystal Palace after winning the Conference League, now in charge at the City Ground and looking to strengthen the position.
Separately, Forest have confirmed Jota Silva has joined Olympiacos on a season-long loan that includes an option to make the move permanent. The 26-year-old spent last season on loan at Besiktas, where he scored five goals and added an assist in 22 appearances, having originally joined Forest from Vitoria Guimaraes in 2024.
He went on to make 38 appearances for Forest across that spell, contributing seven goal involvements, but will now start a new chapter in Greece with a club that finished second in the Super League last season to secure Champions League qualification.
Read is regarded as one of the most promising young full-backs in Europe, capable of playing on either flank and known for his attacking output from wide areas. He has previously spoken of his ambition to play in the Premier League, which could work in Forest's favour, though Feyenoord are under no financial pressure to sell given he still has three years left on his contract.
Head coach Giovanni van Bronckhorst is understood to view Read as an important part of his plans and is keen to keep him at the club, meaning Forest may need to significantly improve their offer if they are to convince Feyenoord to do business this summer.