Boyd is believed to have been a target for the Reds since Alex McLeish took over the City Ground hot-seat.
McLeish feels his squad is short on creativity in attacking areas and he has been looking to bring in an experienced wide man.
Boyd fits the bill, and he also has prior experience of life at Forest having taken in a loan spell on Trentside back in 2010.
Crystal Palace are also keen on the 27-year-old, but it is understood that Forest have edged to the front of the transfer queue.
The Reds are also looking to put a deal in place for Ward, with an offer having been accepted by Wolves for the Republic of Ireland international.
McLeish is looking to bolster his defensive ranks and feels Ward's Premier League pedigree would considerably strengthen his squad.