Hoult has been praised for his recent performances by Megson who knows the player well from their time together at the Hawthorns.
The goalkeeper is available to Forest until October 15 and Megson said of his future: "It is not something we have discussed yet.
"West Brom have got 24-hour recall as things stand, but he has a couple more weeks here.
"We will speak to people at West Brom and see what we can do about it when that time comes."