Steve Cooper's side ended their 23-year wait for a return to the Premier League when they defeated Huddersfield Town in the Championship playoff final back in May.
The Reds have not hung around in their squad rebuild ahead of their season opener at Newcastle United on August 6, bringing in the likes of Dean Henderson, Neco Williams, Omar Richards, Moussa Niakhate and Taiwo Awoniyi already.
However, after seeing James Garner's loan spell come to an end, Cooper has remained eager to revamp the central midfield area ahead of the 2022-23 campaign, and The Athletic are reporting that Vranckx is one of a number of targets for that area of the field.
Huddersfield's Lewis O'Brien has been the subject of a combined bid from Forest for him and teammate Harry Toffolo, whilst the likes of Amadou Onana and Cheick Doucoure have also been targeted.
However, with Onana attracting interest from the likes of Arsenal, Liverpool and West Ham United as well, and Doucoure having completed a move to Crystal Palace, Cooper's attentions have turned elsewhere.
Although potential deals for O'Brien and Garner remain a possibility, the report suggests that Vranckx is the exact type of midfielder that Forest are looking to recruit this summer - one that can add a physical presence and break up play ahead of their return to the top flight.
The 19-year-old only joined Wolfsburg for a fee of around £7m from KV Mechelen last summer, and went on to make 28 appearances for the club across all competitions in his debut season in Germany, including four in the Champions League.