Gibbs-White’s contract with Wolves expires in the summer of 2024 but he has been offered a new one by the Midlands club.
However, the midfielder is stalling talks and Wolves fear that they may have to sanction his departure over the summer.
Apart from the Tricky Trees, Crystal Palace and Southampton are also interested in Gibbs-White, while he has also been linked with Italian giants AC Milan.
However, Nottingham Forest are of the belief that they have a significant edge over other suitors due to the relationship between the Wolves star and Cooper.
Cooper led England to Under-17s World Cup glory back in 2017 and Gibbs-White was part of the Young Lions squad.
The midfielder also played under Cooper at Swansea in the 2020/21 season, although he managed only six appearances as his campaign was plagued by a foot injury.
Gibbs-White spent last season out on loan at Sheffield United and impressed for the Blades as he scored eleven goals and provided nine assists in 35 Championship appearances, in addition to scoring against Nottingham Forest in the playoff semi-final.