Steve Cooper still wants to strengthen his squad before the transfer window slams shut and Forest have identified Felipe as a potential addition.
They are now in advanced discussions with Atletico Madrid to bring in the centre-back.
Nottingham Forest will hope to be able to push an agreement over the line soon and bring in Felipe.
The Brazilian centre-back has been on the books at Atletico Madrid since a 2019 move from Portuguese giants FC Porto.
He is out of contract at Atletico Madrid in the summer and has featured just three times in La Liga this season.
Felipe has been linked with a switch to the Premier League recently, with Wolves credited with interest.
The defender could now though be about to continue his career at the City Ground with Nottingham Forest.