The Hamburg star had been linked with a free transfer to Forest.
It was reported by Bild, as relayed by FussballTransfers.com, that Forest had begun investigating the possibility of signing Ivo Ilicevic from Hamburg in the summer.
Ilicevic is a 29-year-old Croatian international who has been with Hamburg for the past five years.
He is out of contract in the summer and the playmaker would be making the move on a free transfer.
His career at the Imtech Arena has been blighted by injuries, so he would have been a risky signing from Forest. That said he has incredible natural talent and would thrive in the Championship.
Now it is looking like Forest are not in fact in the running for the Hamburg player.
Local paper Hamburger Morgenposten has listed the teams that are chasing the Hamburg player. Werder Bremen, Hoffenheim, Eintracht Frankfurt and an Italian club are in for the player.
Forest were not mentioned and the report stated Ilicevic wants to play in a top-flight league
So it seems that any interest in the Croatian might have dissipated with the departure of Dougie Freedman, who had worked wonders on the European market this season.