Nottingham Forest is aiming to secure a British-record transfer fee for Elliot Anderson, with the intention of using these funds to build a squad capable of competing for European spots once more.
Club owner Evangelos Marinakis is convinced that the current roster, which he has carefully assembled, should be far from relegation battles like last season. He is prepared to invest an additional £150 million or even more to prevent a repeat of such struggles after Anderson’s departure.
Last week, Manchester City initiated their long-awaited interest in the England midfielder. In response, Nottingham Forest has set the bar high, referencing Moises Caicedo’s record £115 million transfer from Brighton to Chelsea as a benchmark for Anderson’s valuation.
With Anderson’s exit on the horizon, Forest is not only looking to replace him with a younger, defensively-minded midfielder but is also keen on acquiring a versatile box-to-box player, a central defender, and a striker to strengthen their squad.
As much as £40 million might be allocated for securing a target man. The absence of Chris Wood, due to injury, disrupted their attack last season. Despite the efforts of Taiwo Awoniyi, Igor Jesus, and Lorenzo Lucca, the trio struggled to find the back of the net consistently in the Premier League. After Wood’s impressive 20 league goals in the previous year helped Forest achieve a seventh-place finish, the combined tally of Wood, Awoniyi, Jesus, and Lucca was a mere 14 in the 2025-26 season.
Elliot Anderson appears destined for Manchester City – giving Nottingham Forest a huge war chest to revamp their squad and ensure they are not threatened with relegation again
Josh Mulligan (left) was a key man for Hibernian last season as they finished fifth in the Scottish Premiership
Forest are also looking at Rangers’ 19-year-old defensive midfielder Bailey Rice (right), who has already won two Under 21s caps for his country
Crystal Palace’s Jean-Philippe Mateta has been discussed but the France striker would prefer a move to Italy. Juventus have revived their interest in Mateta, and in turn that could open the door for Forest to try for the Italian side’s Belgium striker Lois Openda.
Forest are also in discussions with Eintracht Frankfurt over terms on Arnaud Kalimuendo’s sale. Frankfurt have an option to buy the former Paris Saint-Germain and Rennes forward following his loan, but the Bundesliga club have been looking to pay a lower fee.
It is possible that the French 24-year-old returns to the City Ground but failing that, they would like another skilful, playmaker-type forward to play off the target man. Bologna’s Santiago Castro is one who has been suggested to them but other options are being considered.
With Everton looking to be in pole position for Middlesbrough’s Hayden Hackney, Forest have once again considered Celtic’s Arne Engels, who they bid £26m for in January.
Amadou Kone, who plays for Saudi Pro League side Neom, has been discussed as have Hibernian standout Josh Mulligan and Rangers youngster Bailey Rice. A move for Inter Milan’s Davide Frattesi could be revived but his preference last time was to stay in Italy.
England Under 21s international James McAtee is expected to stay after a middling first season since joining from Manchester City.
And so too is Morgan Gibbs-White. The 26-year-old was put on a new deal after Tottenham triggered his release clause last year and has had another strong and influential season, despite the view of England coach Thomas Tuchel, scoring 15 Premier League goals.
Spurs, Chelsea, Aston Villa and Manchester United are all among Gibbs-White’s admirers but they already have players in his favoured position. More could develop as the window progresses, particularly if Arsenal and Chelsea activate interest in Villa’s Morgan Rogers. However, Forest want him to give it at least one more year.
Belgium’s Lois Openda could become available for Forest if his club, Juventus, can wrap up a deal for Crystal Palace’s Jean-Philippe Mateta
Forest have once again considered Celtic’s Arne Engels, who they bid £26m for in January
They would like another skilful, playmaker-type forward to play off the target man. Bologna’s Santiago Castro (left) is one who has been suggested to them but others are being considered
In defence, offers are expected for Murillo. Forest’s Brazilian was previously courted by Real Madrid, but has had a hamstring injury which has slowed interest.
Forest are actively looking for a left-sided centre back who could replace the 23-year-old, who did not make it into the Brazil World Cup squad.
Roma’s Poland international defender Jan Ziolkowski is one who has drawn enquiries, as have Bologna’s Jhon Lucumi and Arthur Theate at Frankfurt. A key characteristic that Forest are looking for is experience and a player who could come in and start straight away for them.
They also want goalkeeper cover, ideally a homegrown one under the age of 21, who could push the more experienced ones, and cover at right back. An attack-minded profile is desired who can impact off the bench for 15 minutes per game.
After a season of four managers, epic nights in Europe, boardroom tensions and a battle for survival, Forest could do without another roller-coaster campaign.
It may make for good television, but Marinakis would like to see more stability for his investment.
He still exerts influence even though he placed his shares into a blind trust for the second successive year in March, as Forest moved to avoid any conflict over multi-club ownership.
Forest were complying with UEFA regulations after Marinakis, who also owns Olympiacos in his homeland, suspended his interest in the club before the March 1 deadline.
Roma’s Poland international defender Jan Ziolkowski is one who has drawn enquiries
Jhon Lucumi (right) is another who could fill Forest’s need for a left-sided centre back
Frankfurt’s Arthur Theate (right) is also on Forest’s list this summer as a centre back option
Marinakis bought Forest in May 2017 and remains committed but a blind trust is an arrangement where a trustor gives a third party control over their assets to avoid a conflict of interests.
This is particularly necessary to avoid a penalty from UEFA if Forest and Olympiacos were to qualify for the same European competition, which is not allowed if two teams are owned by the same person or group.
Global technical director George Syrianos will lead Forest’s recruitment strategy this summer alongside head of recruitment Pedro Ferreira and Marinakis, as they look to keep a core group together and kick on under the savvy Pereira.
Playing soothsayer, Pereira, with safety barely secured last month, warned: ‘The teams who commit mistakes in pre-season, usually, they pay the bill.’