Forest are hoping to add to their squad and Carayol is someone who Dougie Freedman apparently feels would be a good addition to his squad.
The Reds are clearly still harbouring ambitions of making it into the play-offs this season and Freedman's desire to add to his squad is proof of this.
At the moment Forest are eight points behind Brentford, who occupy the last play-off spot, but a good run of form could see them climb into the top six.
Would Carayol be a good signing for Forest?
At his best, Carayol is one of the most dangerous wingers at Championship level, but the 26-year-old has not played this season and is still making his recovery from injury.
Just this week Middlesbrough boss Aitor Karanka has spoken of his doubts over whether Carayol is fit enough to play first-team football for his side and there would be concerns over his match-sharpness if he did move to the City Ground.
There would also be question marks over where exactly he would fit in. Forest have only recently signed Modou Barrow from Swansea City and Carayol would appear to be in direct competition with their new recruit.
It would mean that Freedman had a lot of attacking options at his disposal, though, and the Reds can only benefit from adding quality to their squad at such a crucial point of the campaign.