The Tricky Trees have signed Dean Henderson, Taiwo Awoniyi, Moussa Niakhate and Giulian Biancone with Neco Williams and Omar Richards looking close as well.
If Forest complete those deals, they will have spent roughly £60m and would be one of the biggest spending newly promoted sides in top-flight history.
But how have the other big spenders fared? talkSPORT.com decided to take a look at the top five.
5. Norwich City - 2021/22 season: £57.65m
Last summer, after being crowned Championship champions, the Canaries embarked on a splurge to try and ensure they didn't go back down.
Twelve players arrived in the summer window, but barely any proved good enough for the Premier League.
Norwich then sacked Farke in November, and Dean Smith arrived to try and save the club, but he couldn't manage it and the Canaries finished 20th, having lost 26 of their 38 games.
No one can say the Canaries didn't spend money last year, their recruitment was just all wrong.
4. Wolverhampton Wanderers - 2018/19 season: £82.58m
Wolves' first summer in the Premier League saw the club invest heavily in Nuno Espirito Santo's squad as they looked to take the top-flight by storm.
Twelve players were signed in that summer, including Diogo Jota and Raul Jimenez.
Wolves then went on to have a fantastic season as they finished seventh and many of the summer signings played a crucial role for the Old Gold.
Jimenez scored 13 goals, while Joao Moutinho formed a brilliant partnership with Ruben Neves and Willy Boly proved to be a rock.
Wolves spent heavily but wisely and they were rewarded with a fine campaign.
3. Leeds United - 2020/21 season: £96.12m
After being out of the top-flight for 16 years, the Leeds ownership decided to really try and strengthen the squad before the 2020/21 season.
They brought in seven players, including Rodrigo for a club-record fee.
But most of the money went on two new centre-backs in Diego Llorente and Robin Koch. However, both spent the majority of that campaign injured while Rodrigo struggled.
In the end, Raphinha proved to be the best buy as he lit up the league with his creativity and finishing, while Bielsa guided Leeds to 9th place.
Ultimately, the Whites stayed up, but they probably expected more from most of their recruits.
2. Fulham - 2018/19 season: £102.15m
After winning promotion in the 2017/18 campaign, Fulham spent a huge amount of money in an effort to improve their squad.
In total, the west London side recruited 12 new players in a bid to finish midtable.
Fulham paid over £20m for Jean Michael Seri, Andre Zambo Anguissa and Aleksandar Mitrovic but the campaign was horrific, as they finished 19th and conceded 81 goals, the most in the league.
They also went through three managers in a year and proved that spending lots of money on the wrong players never ends well.
Given the splurge they embarked on, this Fulham side will go down in Premier League history as one of the worst.
1. Aston Villa - 2019/20 season: £133.74m
Villa decided to spend nearly £150m after they were promoted from the Championship, and in the end, that money kept them up.
The Villains signed 12 new players that summer, with big money going on Wesley and Tyrone Mings.
The likes of Ezri Konsa and Douglas Luiz have proved successful over the years, but most of the others either aren't there or have become squad players.
Villa finished the delayed 2019/20 season 17th, one point above the drop zone.
But if the goal-line technology had been turned on the first match of the restart against Sheffield United, things could have turned out very differently.