According to the BBC, the promoted Sky Blues are expected to complete the transfer before Friday’s Premier League opener against Arsenal.
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Awoniyi was given a guard of honour by Forest players and staff before Sunday’s pre-season friendly against Brest, allowing him to say goodbye.
The Nigeria international joined Forest from Union Berlin in 2022 for £17.2m and scored 23 goals in 103 appearances.
However, he started only three games last season, scoring four goals in 17 appearances across all competitions.
Coventry, returning to the Premier League after 25 years, have also strengthened with Gus Hamer, Carl Rushworth, Loum Tchaouna, Aurele Amenda and Caleb Yirenkyi.