The Portugal Under-21 international has returned to the Emirates following a mixed loan spell with Marseille, where he scored six goals in 39 appearances from a wing-back role.
However, Tavares has lost the trust of Mikel Arteta, and not even Jurrien Timber's lengthy absence with an ACL injury is expected to present him with a route back into the first team.
According to Fabrizio Romano, Forest have now lodged their first offer for Tavares's signature, and talks are also ongoing with the 23-year-old's camp over personal terms.
Forest have already taken one unwanted player off of Arsenal's hands this summer, signing American goalkeeper Matt Turner, and the Gunners would have few reservations about Tavares leaving too.
The former Benfica man boasts one goal and two assists from 28 games in an Arsenal jersey, but his time in North London and Marseille has also been hindered by attitude concerns.
Over in Spain, Las Palmas are apparently hoping to conclude a loan deal for Manchester City midfielder Maximo Perrone.
The 20-year-old joined Pep Guardiola's ranks from Velez Sarsfield in January but made just two competitive appearances for the treble winners during his debut campaign.
Perrone was on the bench for Wednesday's UEFA Super Cup win over Sevilla, but the 2003-born lynchpin is unlikely to earn regular minutes in a City shirt this season.
A separate update from Romano claims that newly-promoted La Liga outfit Las Palmas want to sign Perrone for the 2023-24 campaign and will soon intensify their efforts to strike a deal.
City are supposedly prepared to let the Argentine leave on a season-long loan, and dialogue will continue in the coming days in the hope of striking an agreement.
Perrone played just one for the Citizens in pre-season, coming off the bench for the final 20 minutes of his side's 2-1 defeat to Bayern Munich last month.
Back in the English capital, West Ham United are reportedly one of a handful of sides showing an interest in Peterborough United centre-back Ronnie Edwards.
The 20-year-old is regarded as one of the brightest prospects in the EFL after breaking into the Posh first-team, having left Barnet's academy in the summer of 2020.
Edwards boasts two assists from 91 games in a Peterborough shirt, and he played every minute for England's Under-20s at the recent World Cup, where the Young Lions lost to Italy in the last 16.
According to The Guardian, Edwards's displays have attracted the attention of West Ham, who saw a proposed £30m deal for Manchester United's Harry Maguire fall through earlier this month.
However, the report adds that Rangers and Bournemouth have also taken a liking to Edwards, whose contract with Peterborough runs until the end of the 2024-25 campaign.
Despite missing out on Maguire, West Ham are hoping to conclude a deal for Stuttgart's Konstantinos Mavropanos, who was once on the books at London rivals Arsenal.
Elsewhere in London, Tottenham Hotspur striker Troy Parrott is supposedly wanted by a number of European clubs on loan for the 2023-24 season.
The Republic of Ireland international struggled to find a prolific streak during his time with Preston North End last term, netting just four times in 34 appearances.
A knee injury did not help Parrott, who is unlikely to earn his first-team breakthrough at Tottenham this season, in spite of Harry Kane's departure to Bayern Munich.
A report from Football Insider states that as many as four European teams are battling to sign Parrott on loan this season, and Spurs are willing to sanction another temporary exit.
Two unnamed Eredivisie clubs are in the picture, as are teams from La Liga and the Bundesliga, as Parrott prepares to leave Tottenham on loan for the fifth time.
The 21-year-old has also spent time with Millwall, Ipswich Town and MK Dons since joining Tottenham in 2017, but he has made just four first-team appearances for the Lilywhites, all of which came in the 2019-20 season.