It has been reported by the British newspaper that O’Neill, Nigel Clough and Nigel Pearson are three of the candidates for the Forest managerial job.
O’Neill is in charge of the Republic of Ireland and will lead them to the Euro 2016 finals in the summer.
The former Forest midfielder knows English football inside out, having been in charge of Leicester City, Aston Villa and Sunderland among other clubs.
Clough in currently in charge of League One side Burton Albion, while Pearson is without a managerial job at the moment.
Forest sacked Dougie Freedman last month following a run of disappointing results, with first-team coach Paul Williams taking charge until the end of the season.
Forest are one of the biggest clubs in England, but they are now pretty much an also-ran in the Championship.