A Forest spokesman told BBC Sport: "Unless Wolves would be willing to do a massive deal on his wages it's impossible."
It is thought the Welshman is on around £12,000-a-week which could well be a stumbling block for The City Ground outfit.
Meanwhile, Paul Hart was at Liverpool's Youth Academy on Monday to watch Liverpool reserves take on Newcastle reserves.
It is believed he was watching right-winger Brian Kerr who is recovering from a broken leg whilst on-loan at Scottish Premier Division side Livingston.
The Forest spokesman said: "Paul went to watch him play but he's only one of several players we were looking at in that game."
But he added: "We won't be doing a deal because he's no better than the players we've already got,"
Other forwards playing in that game that could have interested Hart were Shola Ameobi, Michael Chopra, Milan Baros and Florent Sinama-Pongolle.