The Netherlands international would be a key figure in Oliver Glasner's plans at the City Ground, according to the Daily Mail, and is understood to be willing to leave the Etihad Stadium after a first season that saw him used more often from the bench than City would have envisaged.
Reijnders made 47 appearances in all competitions since his move from AC Milan last summer, though not all came from the start, with Enzo Maresca's midfield options squeezing his opportunities. Atletico Madrid had shown interest earlier in the window but moved on once City's valuation, in the region of £60m, became clear.
City paid Milan £46.5m for the 28-year-old, meaning a £55m sale to Forest would represent a quick profit as they continue reshaping their midfield. The Premier League champions have already brought in Anderson from Forest for £116m this summer and are working on a deal for 18-year-old Ayyoub Bouaddi from Lille, while also braced for a bid from Real Madrid for Rodri, with Barcelona also said to be weighing up an offer for the Spaniard.
Should Reijnders depart, it would mark a swift City exit for a player signed as part of the post-Kevin De Bruyne midfield rebuild, though other reports have suggested Manchester City's true asking price could be closer to £64m, a figure Forest may baulk at given their own spending this summer.
Reijnders' first season in England began brightly, with a goal and an assist on his Premier League debut in a 4-0 win over Wolves, but his form and playing time tailed off as the campaign wore on. He ended the 2025-26 season with five goals and two assists in 28 Premier League appearances, 19 of them starts, a return that fell short of the levels he set during two prolific seasons at Milan.
Nottingham Forest's interest carries an added layer of intrigue given the club's decision to sell their own midfield talisman, Anderson, to City earlier this summer for a club-record fee, leaving Glasner in need of a like-for-like alternative in the middle of the park.
Newcastle United and Juventus have also been credited with an interest in Reijnders earlier in the window, though Forest are understood to have moved the furthest in concrete talks.