Dyche became the third manager to be sacked by Forest this season after he was dismissed following Forest's 0-0 draw with Wolves on Wednesday evening in what was a brutal decision.
Forest are three points above the relegation zone with 12 games remaining and fans are worried that dropping down to the Championship is a real possibility.
As reported by the BBC and journalist Ben Jacobs, Pereira is set to return to the Premier League after being sacked by Wolves in November.
“BREAKING: Vítor Pereira's move to Nottingham Forest is almost agreed.
“Deal with Pereira in place in principle subject to only final details.
“No issue with Pereira's Wolves exit package. Wolves just need to be approached as a box tick.”
Pereira will be charged with saving the club from Premier League relegation much like he did with Wolves last season. He will arrive after the club have let go of Nuno Espirito Santo, Ange Postecoglou and of course Dyche as the club try to find the right man for the job.
The appointment should come within the next few days as Forest prepare to face Fenerbahçe in the Europa League before going head-to-head with Liverpool at the City Ground next weekend.