According to The Athletic’s David Ornstein, Forest submitted a deal sheet before the 7pm deadline and are racing to complete a season-long loan for the 28-year-old.
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Their move for Zinchenko in understood to have come after their deal to sign Atletico Madrid full-back Javi Galan fell through.
Zinchenko has entered the final 12 months of his deal at Arsenal with talks over a new contract not expected to start any time soon.
The Ukraine international featured just 23 times across all competitions for Mikel Arteta’s side last season.