"We've put in four written offers but I'm not terribly hopeful to be perfectly honest," chief executive Mark Arthur told BBC Radio Nottingham when asked about potential signings.
"One of our slight problems is our position in the table. We're not prepared to pay over the odds."
Speaking after the defeat at Cardiff meanwhile, boss Billy Davies said: "When I came to Forest I knew the situation but I'm not prepared to rush into the transfer market just for the sake of it although I do want to bring in a couple of players."