After a breakthrough campaign in which they booked a long-awaited return to Europe, Nottingham Forest will have little time to reflect on their Champions League near-miss.
Having signed a whole squad's worth of players - and several more - since regaining their Premier League status in 2022, recruitment will be key as Forest try to compete on several fronts next season.
Holding on to some of his main men is a must for boss Nuno Espirito Santo, but several areas also need to be strengthened - particularly ahead of the club's first journey into the UEFA Conference League.
Here, Sports Mole takes a closer look at Nottingham Forest's 2025 summer transfer window, including their top targets, priority positions, budget and most likely signings.
Nottingham Forest's top targets for 2025 summer transfer window
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While being back in Europe suggests Forest can compete for better players this summer, current stars such as Morgan Gibbs-White, Anthony Elanga, Callum Hudson-Odoi and bustling centre-back Murillo are all in demand.
So, it remains to be seen whether recruits will either be signed to complement Nuno's current crop or replace them.
Chris Wood shouldered most of the goalscoring burden in 2024-25, but with several more games on the schedule next term, Forest may try again in their pursuit of Brentford star Yoane Wissa, after a bid was rejected in January.
Manchester City's 22-year-old midfielder James McAtee has been tipped for a move to the City Ground, too, and he has already proven his potential under Pep Guardiola.
Again spreading their net far and wide, the Midlands club have been scouring the overseas market as well, so the likes of Botafogo's Copa Libertadores hero Igor Jesus are also on the radar.
Nottingham Forest budget for 2025 summer transfer window
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One of the reasons Forest 'ex-owner' Evangelos Marinakis was so enraged by the prospect of Nuno's men missing out on the Premier League's top five was, quite naturally, financial.
With a smaller purse and slimmer league phase, qualification for the Conference League may not swell their coffers that much. For context, the third-tier competition accounts for 9% of UEFA's prize pot, compared to 74% split among teams in the Champions League.
They also have a substantial wage budget - now set to increase due to bonuses - and any missteps could see them fall foul of the Premier League's profit and sustainability rules (PSR).
So, failure to stay inside the top five might mean more creative player trading, such as Elliot Anderson and Odysseas Vlachodimos swapping places last summer, though UEFA have since clamped down on similar accounting manoeuvres.
Once again, the Reds must sell well and buy sagely - but they have proven adept at doing both in recent seasons.
Nottingham Forest's most likely signings for 2025 summer transfer window
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Several clubs will be in contention for Wissa and McAtee, so there are a number of alternative options on a long scouting list.
As many as four players have been linked with increasing Forest's Brazilian contingent, as Igor Jesus could be joined in Nottingham by two Botafogo teammates - left-back Cuiabano and central defender Jair Cunha.
The latter is an Under-20s international, while the former is one of the most exciting strikers still based in South America. Furthermore, Corinthians forward Yuri Alberto remains of interest.
Back in Europe, the Reds have kept tabs on Belgian winger Alexis Saelemaekers, who has been on loan at Roma from AC Milan since last summer - Crystal Palace are apparently eyeing the talented 25-year-old too.
Nottingham Forest's priority positions for 2025 summer transfer window
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It has been noted that Nuno prefers to work with a tight-knit squad, avoiding issues such as discontentment from players consistently left out.
Yet, European qualification surely means greater strength in depth is needed, so a couple of wide players, another striker and perhaps a new back-up goalkeeper could be brought in.
At left-back, Harry Toffolo and Aston Villa loanee Alex Moreno might move on, and it remains to be seen whether ex-Bayern Munich man Omar Richards will play any part after returning from a loan spell with Rio Ave.
Ramon Sosa and possibly Jota Silva may leave too, so Forest could do with recruiting some fresh blood to play on either wing - particularly if Elanga or Hudson-Odoi also depart.
And, amid speculation about reserve 'keeper Carlos Miguel - who has been frozen out completely by the brilliance of Matz Sels - a new stopper might be required.
Finally, Wood and Taiwo Awoniyi have proven willing and able up front, but the chance to sign a livewire such as Wissa or Igor Jesus would surely be taken if the price is right.
Jonathan O'Shea
