The 25-year-old played a huge part in West Ham's promotion back to the top division two years ago, as well as previously winning BBC London's Young Footballer of the Year award. So he does offer an impressive CV for a promotion pushing side in the Championship.
Despite the early promise, first-team chances at the Boleyn Ground this season have been few and far between. He has made just 10 Premier League appearances for the Hammers, and earlier in the season was allowed to join mid-table Championship side Bournemouth on loan, where he played just four times.
The midfielder's next decision is likely to leave a huge impact on his career, as he is effectively now putting himself in the shop window for a permanent deal in the summer.
Both Leeds United and Nottingham Forest are aiming to be amongst the three sides promoted to the Premier League this season and with the East Midlands side currently battling an unusual amount of injuries, it could be argued they need him more.
Forest have lost a copious amount of first-team players to injury, including influential midfielders Andy Reid, Henri Lansbury and David Vaughan, so could need him as soon as humanly possible to avoid any more games like their drubbing at weekend to play-off rivals Wigan Athletic.
Leeds United on the other hand are looking to strengthen enough to put together a last-minute run towards the play-offs. Although with time not being on their side, it could prove be too little too late for the Yorkshire club.
Collison is a player that would come in, hopefully looking to prove a point and show the promise he was labelled with having early in his career.
image: © Tom Cuppens