Munetsi, a Zimbabwean international, joined Paris FC on loan from Wolves in January after struggling to establish himself under Vitor Pereira at Molineux. In France he has been transformed, scoring four goals in 13 Ligue 1 appearances to help the club clear the relegation zone, catching the attention of clubs back in England.
Forest manager Pereira, who signed Munetsi from Stade de Reims for around £16 million during his time at Wolves, is now driving the pursuit at the City Ground, with Foot Mercato indicating he is pushing internally to bring the midfielder to Nottinghamshire this summer.
Munetsi has not hidden his feelings about Paris, however.
"I feel good here alongside some players that I know," the midfielder said. "There is a great project here. My family like it here in Paris. My two boys were born in France — it is also my country a bit."
His contract with Wolves runs until 2028, giving the relegated West Midlands club significant leverage in negotiations. No discussions between Wolves and Paris FC regarding a permanent deal have taken place yet.
Forest's pursuit is understood to be conditional on their own Premier League status being confirmed. The East Midlands club are currently preparing for a Europa League semi-final against Aston Villa while also battling to retain their top-flight place — a situation that will shape how aggressively they move in the summer window.