The Ibrox midfielder is attracting interest from Forest, as well as Fulham and Crystal Palace.
He has entered the final year of his deal at Rangers and could leave this summer.
The Europa League finalists are reported to be relaxed about the Aribo situation, confident they can generate a substantial profit on the Nigerian international having landed him for just £300,000 in 2019 from Charlton Athletic.
Former Forest and England striker Kevin Campbell reckons the Premier League new boys will be an attractive proposition for the midfielder who has emerged as a key player for Rangers across 150 games for the club.
Aribo displayed his versatility last season, finishing the campaign as a striker and scoring in the Europa League final.
“He is one of the main men there,” Campbell told Football Insider.
“We are talking Premier League football here though. Financially, Rangers cannot compete. That is unfortunately the case. That is the way life is.
“Aribo has gone up there and won his trophies. He’s had that success.
“Nottingham Forest are a massive draw. It is a beautiful city.
“They have a young, progressive manager who has got the club back in the Premier League for the first time in 23 years. Steve Cooper could develop him and that might entice him. It is an exciting project at Forest.
“With the money we are talking about, I think it might materialise. I think it would turn his head a little.”