A favourite at Plymouth Argyle where he made more than 150 appearances, Friio failed to have the same impact following a £100,000 move to Forest in 2005.
Junior Agogo may still join the Reds despite reports that Bristol Rovers had turned down a bid for the striker.
The League Two side want more for the 26-year-old but may look to land either Neil Harris permanently or Spencer Weir-Daley on loan as part of any deal.
Nottingham Forest reserves won 2-0 against West Brom on Tuesday night, with Harris scoring both goals.