Eintracht Frankfurt are in talks with Forest to sign the Frenchman, who only moved to the City Ground in August from Rennes.
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Sky Deutschland says Forest are demanding £23.5m to sell Kalimuendo this month.
However, the striker could yet leave on-loan this month, with Eintracht Frankfurt also exploring such an option.
Kalimuendo made a substitute appearance in the Premier League on Saturday as Forest lost 3-1 at Aston Villa.
