Forest are on the hunt for a new manager following the departure of Aitor Karanka on Friday.
However, claims the report, should a deal with Jokanovic not be struck, then Forest will approach Carvalhal.
Jokanovic has a strong record in the Championship, having guided Watford and Fulham to promotion to the Premier League.
With Forest very much in the running for the Championship playoffs, Jokanovic will probably be tempted to become the Reds’ manager.
Making Carvalhal a second choice is sensible, with the Portuguese having led Wednesday to the playoffs.
Carvalhal knows the division well, and if he is given funds to add players in the January transfer window, then Forest could well be challenging for more than the playoffs.