It is understood the Reds are keen to land the talented Frenchman on a three-month loan deal with a view to a permanent move in January.
Wanderers rejected improved offers from Forest leading up to the close of the summer transfer window, with the most lucrative believed to have been in the region of £3.5million.
The Black Country club are keen to keep hold of Sako, who already has five goals this season, as they aim to secure immediate promotion from Sky Bet League One, with their valuation of the 25-year-old standing at £4million.
And in response to Forest's latest interest in their prized asset, Wolves' stance has not budged.
An official statement released through social media channels 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."