The 24-year-old's big break came when Sheffield Wednesday swooped to sign him from non-league Barrow in March 2003 after an earlier spell with Halifax.
He scored four times for Wednesday in 30 appearances (including 15 as substitute).
Rochdale signed him in January 2004 and it is at Spotland that Holt has come to the attention of other clubs.
In all he has hit the net 42 times for 'Dale in 83 games, catching the eye of Hull boss Peter Taylor earlier in the season before Forest's surprise swoop earlier today.