It is reported that club president Julio Mendes met this week with officials from Nottingham Forest, and are looking at ways the two clubs can work together.
Nothing has yet been agreed upon, but both clubs are open to exploring potential opportunities.
Mendes told O Jogo: "We have absolutely no expectations. First, we know the people, the goals and aspirations of both parties. Certainly, we are convinced that [in] this intersection of ideas, we will find overlaps, common interests where we can collaborate."
Mendes went onto speculate that areas the clubs could work together could be in terms of exchanging players, and joint training sessions.
An 'exchange of knowledge' between staff, the academy, and boardroom, is also an area the two clubs believe they can help one another.
Vitoria Guimaraes are in the Primeira Liga, Portugal's top flight, and currently sit in 13th place out of 18 teams.
Last season they finished as high as fifth, and are currently managed by former Portuguese international Sergio Conceicao, who took over in the summer.