Forest made enquiries for Cunha in January but Wolves were adamant they were not prepared to sell.
The Brazilian has since signed a new contract at Molineux with a £62million release clause that kicks in this summer.
Elliott Anderson is currently Forest's most expensive player ever at £35m.
Nuno Espirito Santo has sensationally guided the Tricky Trees to third place in the Premier League with nine matches remaining.
They are seven points clear of sixth-place Newcastle, with England's top five clubs set to qualify for next season's Champions League in the current UEFA co-efficient rankings.
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Wolves, meanwhile, are still looking over their shoulders in 17th place, with nine points separating them from the drop zone.
Their next two matches - against West Ham and relegation rivals Ipswich - could all-but seal survival.
However, star man Cunha will play no part in either fixture after being given an extended four-match ban and a £50,000 fine for violent conduct during the FA Cup defeat at Bournemouth.
The 25-year-old was also banned for two matches and fined £80,000 earlier this season after clashing with Ipswich security staff during their game at Molineux.
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Arsenal have expressed interest in Cunha - with a striker being the Gunners' top priority this summer amid long-term injuries to Kai Havertz and Gabriel Jesus.
However, talkSPORT understands manager Mikel Arteta has reservations about the forward's hot-headed character.
In front of goal, Cunha has been crucial to Wolves' survival bid, scoring 13 times in 26 games and grabbing four assists.
Since joining from Atletico Madrid in 2023, the Brazil international has 27 goals in the top-flight.
More to follow.