Panzo spent last term on loan in the Championship at Coventry City, where he impressed with his performances for the Sky Blues.
A host of Championship clubs are keen on the 22-year-old, including Cardiff and West Brom, but no move has yet materialised.
Deals have been explored and it is claimed that it remains possible that Panzo will leave the City Ground this summer.
He could depart the Premier League side on a loan deal, or on a permanent basis with a big sell-on clause attached.
Forest signed Panzo from French side Dijon in the 2022 January transfer window.
He failed to make an impact and looks set for only a limited role if he remains at Nottingham Forest.
Panzo had also been linked with a possible move to Scottish giants Rangers, but the Gers secured other defensive options.
