The Portugal goalkeeper, 33, is Wolves manager Rob Edwards' No1 ahead of Sam Johnstone, who is interesting Tottenham.
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Johnstone has made 12 Premier League appearances this season, though has lost his place since the appointment of Edwards.
Forest have Matz Selz and John Victor as their two senior goalkeeper options, but are now exploring the prospect of bringing Sa to the City Ground in the coming days, says BBC Sport.
Sa has a deal with Wolves to 2027.