Adding on to the deal are add-ons for Morgan Gibbs- White.
The player is expected to have a medical with the club in the next 24 hours.
The club's top-flight status will be retained as well as the club paying an initial £35m for the player.
The last of the three previous offers was worth over 50 million dollars, with 25 million dollars up front and another 17 million dollars in add-ons.
Forest's number one target in the middle of the summer has been Gibbs- White. Steve Cooper is the Forest boss that the England U21 international is well known to.
The Wolves academy graduate has played every minute of the club's two Premier League matches so far this season, although the blow caused by his likely exit may be mitigated by the addition of another player in a club record deal on Wednesday.
In the play-off semi-finals of the Championship, he was one of the best players, but they were beaten by Forest.
The transfer window will close at 11pm on September 1st.
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