The England under-20 international has established himself as a key player for Billy Davies's team this season, as the club currently sits in the playoff places in the Championship.
The report claims Arsenal have already made their interest known to Forest, with Arsene Wenger notorious for his successful integration of young stars into the Gunners first-team.
But David Pleat, the former-Tottenham manager, retains ties with both Forest and Spurs and is believed to be attempting to convince Tottenham chairman Daniel Levy to sign Lascelles.
Spurs could buy the youngster and then loan him back to Forest to allow him to help his boyhood side as they try to secure promotion to the Premier League.
The 20-year-old has another option though, as Forest have offered him a new long-term contract extension.
If Spurs and Arsenal did decide to move for the youngster, the report claims a bid in the region of £3m could be enough to persuade Forest to part with their academy star.