We have analysed some rumoured Nottingham Forest transfer targets for the January window, while also looking at some potential exits and how likely we think each transfer is to happen, based on current bookmaker prices and our own odds-based projected probabilities.
The club are currently under the watchful eye of the Premier League for potential Financial Fair Play (FFP) breaches which could impact any activity, and will find out their fate on Monday.
The Tricky Trees have been on an upwards trajectory since replacing Steve Cooper with Nuno Espirito Santo in December, where they have won two of the three league games under the new manager, including the last two against Newcastle United and Manchester United.
They will hope to steer further clear of the relegation zone as the season progresses, and not be hit with any FFP-related charges.
Nottingham Forest transfer targets, rumours and odds
Rumoured Nottingham Forest signings in January 2024
Che Adams – 5/1* (* indicates projected odds)
Forest reportedly remain interested in signing Adams from Southampton, after holding an interest alongside Everton last summer. The Saints asked for around £15m, but a move never materialised.
Adams has since scored seven goals in all competitions, and with his contract expiring this summer, he could be available for cheaper. However, Forest face competition from Crystal Palace and Wolves for his signature, which could drive his price up.
Cyril Ngonge – 10/1*
Forest are reportedly one of a number of teams interested in signing Hellas Verona winger Cyril Ngonge. Aston Villa, Napoli, AC Milan and Florentina are also said to be in the mix, with the latter having a €10m bid turned down.
The asking price is thought to be between €12m and €13m, but given the calibre of teams in the race, we think it is unlikely Forest will be able to beat them to his signature.
Aaron Ramsdale – 20/1
Ramsdale has lost his starting place at Arsenal to David Raya, and with the Euros coming up this summer, will want to be playing more regularly to ensure a place on the plane with England.
Forest have been linked, but with Matt Turner and Odysseas Vlachodimos already signed last summer, coupled with Ramsdale's potentially extortionate asking price, it seems highly unlikely that they will make this move.
Kalvin Phillips – 33/1
Phillips is not playing regularly enough at Manchester City, and reports claim they could let him leave on loan in January. Forest again have been linked, but other higher-calibre sides like Juventus and Newcastle United have too, making this deal very unlikely.
There may also be a problem with wages, as the numbers Phillips earns at City would likely break Forest's own wage structure, and so a compromise would have to be made.
Rumoured Nottingham Forest departures in January 2024
Scott McKenna – 5/2*
McKenna seems one of the likeliest players to depart the City Ground in January, with Celtic and Rangers reportedly interested in his signature. His contract at Forest expires this summer, and to not risk losing him for nothing, the club could look to sell this window.
McKenna has not played for the Tricky Trees since September after being frozen out by Cooper, but was named on the bench by Nuno in their FA Cup tie against Blackpool over the weekend. This indicates a potential change of fortune under the new manager, but a move to his native Scotland would ensure more regular football for McKenna, and a chance to win silverware at the two biggest clubs in the country.