Steve Cooper’s side successfully saw off the threat of relegation from the Premier League last term and want to strengthen this summer.
Their eyes have now been drawn to Italy, where Roma have been looking to offload Ibanez to raise funds, amid West Ham and Tottenham Hotspur showing interest.
Forest have gone in with an official offer of €25m for the Brazilian defender as they push to sign him.
Talks are now taking place between the two clubs as they seek to find common ground.
Roma are looking to bring in cash and Ibanez was identified earlier this summer as a possible source of funds.
He struggled to impress in the Italian capital last term, but his stock has remained high.
It is unclear if Ibanez wants to continue his career at the City Ground, but Nottingham Forest will hope to sell the move to him.
