Having secured the Premier League status for at least another 12 months, Forest's initial goal for the off-season was to comply with the division's Profit and Sustainability regulations.
That was achieved through the sales of Odysseas Vlachodimos, Moussa Niakhate and Orel Mangala, with Forest still able to add to their squad at the same time.
However, despite seeing Niakhate depart the City Ground, Nuno Espirito Santo is yet to sign a new centre-back ahead of 2024-25.
Furthermore, speculation persists that Murillo could move on from the East Midlands outfit providing that Forest receive a bid that they cannot turn down.
Milenkovic on Forest's radar
According to transfer expert Fabrizio Romano, Milenkovic has been placed towards the top of Forest's shortlist as they contemplate their options.
Talks are said to be underway between the relevant parties with Fiorentina allegedly open to a sale for the right price.
Milenkovic has spent seven years with the Italian outfit, contributing 17 goals and five assists from his 264 appearances in all competitions.
Although the 26-year-old has not won any silverware with I Viola, he has been part of the squads that have reached the last two Europa Conference League finals.
He also recently played the full 90 minutes in each of Serbia's three matches at Euro 2024, being part of a backline that conceded on just two occasions.
While Milenkovic holds a contract until 2027, Romano cites that Nicolas Valentini is viewed as an alternative to him should he leave Stadio Artemio Franchi having been signed from Boca Juniors.
Ramifications for Murillo?
In ideal circumstances, Forest may look to partner Milenkovic with Murillo, providing Nuno with a formidable central-defensive partnership.
On the flip side, though, Milenkovic can be acquired for a lower fee than Forest would generate for Murillo, an obvious plus given their recent financial struggles.
Murillo has recently acknowledged that he hopes to represent a bigger Premier League club in the future, with many of the top teams said to be monitoring the situation.