The Reds have already signed well from the lower leagues, from which there is a lot of talent available.
The Reds made five signings in the January transfer window, with varying degrees of success.
It seems the Rangers striker was not happy toward the end of Mark Warburton's Ibrox reign.
Rangers beat Hamilton Academical 4-0 at Ibrox on Saturday afternoon.
Irrespective of what division the Reds are in next season, they will need to sort out a large portion of their playing staff.
Waghorn, who was Rangers' top scorer last season, worked with new Nottingham Forest boss Mark Warburton at Ibrox, but former club Sunderland and Leeds United are ready to rival the Reds to the 27-year-old's signature.
The former Nottingham Forest striker struggled at Rangers under Warburton and his Championship goal record is questionable to say the least.
With the club in dire straits at present, the Reds need everyone firing on all cylinders - including some of their indifferent summer signings.
Ibrox outfit Glasgow Rangers and Mark Warburton, now at Nottingham Forest, parted company last month.
The striker has looked a complete shadow of himself in recent weeks for the Reds.
Saturday’s encounter between Nottingham Forest and Derby will feature two managers both new to the fixture. For many derbies that might be unusual, but in this case it is a familiar situation: this will be the fifth successive game between the two clubs with new managers in each dugout.
The talented Hearts winger is out of contract in the summer amid links with Rangers.
Jorge Grant is on fire on loan at Notts County but out of contract at the City Ground in the summer.