Derby have reportedly identified Rhodes as one of the best strikers potentially on the market and feel he would enhance the quality of their squad considerably.
Rhodes has scored 19 goals in 47 matches this season and his consistently excellent form in the Championship may have attracted the attentions of Derby and Forest.
Blackburn are thought to be keen to keep hold of the striker, but they realise that they may be powerless to resist should a big offer come in.
Forest will, understandably, struggle to fund a deal due to their failure to comply with Financial Fair Play regulations, but Derby have no such worries.
The Rams are a financially sound club and should they win the play-offs then the windfall they will land from playing Premier League football will mean that they can easily afford to bring Rhodes to the iPro Stadium.