The Dane is a target for Forest as they seek a new keeper signing.
Schmeichel signed for Anderlecht this summer. where he is on a contract that expires this summer, but with an option for another year.
The deal carries a knockdown buyout clause, says the Daily Mail.
This season, former Leicester City captain Schmeichel has played 14 games in the Belgian league.
Anderlecht are currently second in the table.