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Elliott has not started a meaningful game in the Champions League or the Premier League this season, lining up just five times in total under Arne Slot.
The youngster, a boyhood Liverpool fan, recently said that he would like to spend the rest of his career playing for Liverpool, but that would of course be dependent on him playing regularly.
If Elliott is not given assurances over his future this summer, he might feel as though his interests would be best served with a move away, and the chance to join Forest could appeal — particularly if the club ends up qualifying for next season's Champions League.
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Forest is in contention for a top-five finish, and even if it misses out on that, the club is highly likely to qualify for the Europa League: if Manchester City wins the FA Cup, a seventh-placed finish league finish will be enough to secure a Europa League spot, and Forest is currently eight points clear of eighth-placed Bournemouth.
Nuno Espirito Santo's side could be in the market for a new attacking midfielder this summer after Morgan Gibbs-White emerged as an apparent target for Manchester City.
Gibbs-White has been a key player for Forest this term and City has apparently earmarked him as a possible replacement for the departing Kevin De Bruyne.
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Elliott lined up in 19 games across the Premier League and Champions League under Jurgen Klopp last season, and most fans anticipated that he would kick on under Slot.
A broken foot kept Elliott out from September to November but upon his return to fitness it became clear that he was not considered a part of Slot's first-choice XI.
That has obviously not changed, leading to suggestions that he could be offloaded.
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