The 21-year-old left-back will be out of contract at the end of the season and his future at Derby is under the scanner.
The Rams have an option to extend his contract by a year but EFL will not allow it unless they exit administration and get new owners.
Derby are frustratingly watching Buchanan run down his contract while they are unable to tie him down due to their ownership issues.
Nottingham Forest previously made a bid to sign him and are still interested in taking him to the City Ground.
Steve Cooper has Max Lowe on loan and Jack Colback playing as a left-back, but the Forest boss wants a long-term solution.
Buchanan has been on his radar and he is prepared to pounce and sign him in the summer for a compensation fee.
Derby are trying to rush through a takeover by American businessman Chris Kirchner but for the moment it has not been finalised.
Nottingham Forest are prepared to sign the left-back regardless of whether they are promoted to the Premier League this season or stay in the Championship.
