The Championship outfit are thought to have failed with numerous bids for the winger during the summer transfer window, with Wolves said to have been stubborn over their asking price of £3.5m.
Under the terms of Forest's latest proposal, they would sign the 25-year-old on loan now, before making the deal a permanent one in January, according to the Express & Star.
When asked about the speculation today, Wolves chief executive Jez Moxey said: "The situation hasn't changed since Kenny [Jackett] dealt with this issue at a recent press conference. Nottingham Forest are well known to be very interested in Bakary Sako prior to the close of the summer transfer window and have continued with that interest."
Meanwhile, a recent post on the club's official Facebook page read: "Wolves are aware of the loan/transfer speculation surrounding Nottingham Forest and Bakary Sako.
"Forest have renewed their interest, but the situation remains unchanged. Bakary is an important player and his value reflects that. Wolves are not encouraging the interest and there is no certainty of a deal."
Sako joined League One side Wolves in 2012 from French club Saint-Etienne.