There is still time in the Saudi Pro League's transfer window for deals to get done.
While Premier League clubs cannot buy players, they are allowed to sell them.
According to transfer journalist Rudy Galetti, Al-Taee are serious about signing the Nigeria international.
Dennis has struggled at Forest since arriving from Watford last summer for a big fee.
The 25-year-old played 19 times last season, managing a paltry two goals for the relegation battlers.