Fryatt has struggled with a persistent Achilles problem and has not played for the Reds since March 2015.
According to The Nottingham Post, the former Hull City striker has been working with specialists at St George's Park in order to regain full fitness.
“The fact he was training at the Burton base of the England squad led to speculation that Fryatt was a target for Burton Albion, but it is not thought that Forest are ready to write off the player just yet – while another club are unlikely to take the former Walsall, Leicester City, Hull City and Sheffield Wednesday man on, unless he can prove he has overcome his long-standing injury problems,” adds the report in The Nottingham Post.
Fryatt scored six goals and created 12 chances in 25 Championship appearances for Forest during the 2014-15 season.
The striker had a pass accuracy of 76% and a shot accuracy of 46%, and won 17 headers, 10 dribbles and 23 tackles.
The Nottingham Post has also reported that Forest will hold talks with Andy Reid regarding his future in the coming days.
It has been reported that the Reds have not made any decision whether the 33-year-old midfielder will continue to play or work in a coaching capacity on a permanent basis.
The former Tottenham Hotspur and Sunderland midfielder has not featured in a competitive game for Forest since September 2014.
Forest endured a disappointing season in 2015-16 season and failed to finish in the top 10 of the Championship.
The Reds have a new manager in charge now, Philippe Montanier, but they are unlikely to challenge for a playoff spot during the 2016-17 campaign.