Former Valencia coach Miroslav Djukic
The Valencia based publication claim Djukic, 50, is currently in London holding talks with Forest.
Djukic played for Valencia between 1997 and 2003 under Rafa Benitez, making the Champions League final twice, beaten on both occasions, while he did manage to win the La Liga title.
Former Valencia coach Miroslav Djukic during training
Djukic retired in 2004 and has since held several roles in management, including being the Serbian national team coach back in 2007 for a short period, after beginning his coaching work with the under-21s.
His most recent job was at Spanish side Cordoba, but he has been out of work since being fired last summer.
Former Valencia coach Miroslav Djukic (L)
As well as working in Spain - where he also managed Valencia - he has also managed club sides in Serbia and Belgium.
Super Deporte claim Djukic could land the role as soon as tomorrow, putting an end to the club's long running search for a new boss.
Forest have been without a permanent manager since dismissing Dougie Freedman back in March, with interim boss Paul Williams let go at the end of the season.
Former Nottingham Forest manager Dougie Freedman