"Now Forest have fired the first shot, we expect interest in Matty to be stimulated," Merson said.
"I'd think Forest could come in with a new bid but there have been other clubs interested too."
Fryatt is out of contract next summer although Walsall would get compensation if he left then due to his age while Merson has also said that the player will be offered a new deal to stay at the Bescot Stadium.