The 24-year-old midfielder is a key part of the Ligue 1 outfit and last season he made 36 league appearances for Monaco.
His performances last season have drawn interest from several clubs in the transfer market and West Ham and Nottingham Forest are among them.
Following their survival in the Premier League last season, Steve Cooper is determined to strengthen his midfield and has identified Fofana as the perfect candidate.
According to French radio station RMC, Nottingham Forest are ready to submit an offer to Monaco for Fofana, but the midfielder is not interested in the move.
At present, he has closed the door on the idea of moving to the City Ground.
West Ham however remain in the mix for Fofana and are keen.
Fofana has several offers on the table and it remains to be seen whether West Ham will submit an offer for him in the coming days.
