Spurs caretaker boss David Pleat told the official website: "He's a very bright player, a good player and we'll have to see if Forest are prepared to do any business. We'll approach the matter in the professional way via talks with Paul Hart, the Forest manager."
A fee in the region of £2.5m has been suggested with that price rising depending on appearances.
Tottenham already have a history of buying promising youngsters for the future. Simon Davies and Matthew Etherington (now at West Ham) were brought in from Peterborough a couple of seasons ago and Reid could well be next.
Blackburn manager Graham Souness is also keen on Reid. He has been looking for a replacement for Damien Duff who signed for Chelsea in the summer and the fellow Irishman could well fit the Ewood Park bill.
Charlton boss Alan Curbishley watched Nottingham Forest's recent match against Watford at Vicarage Road where Reid netted a last minute headed equaliser.
Forest chairman Nigel Doughty knows the auction has started and will be holding out for at least £3m with a sell-on clause built-in - similar to the deals with Jermaine Jenas to Newcastle and David Prutton to Southampton.