Kalimuendo only moved to Forest over the summer from Rennes for €30m.
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However, the striker has struggled to make an impact so far this season and is attracting fresh interest from abroad ahead of the January market.
Stuttgart are keen, with Sky Deutschland reporting contact has already been established with the player's agents.
Forest are considering offers, though still believe Kalimuendo can prove himself at the City Ground over the long-term.
