The £35m blockbuster Nottingham Forest and Inter swap transfer deal which could ignite the January window

Nottingham Forest’s recent win over West Ham may have given them a healthy buffer back to the relegation zone, but it seems as though the club may not be content with their position just yet – and a new transfer rumour suggests that they could make be on the brink of an intriguing January deal for a player who was among Europe’s most highly-regarded midfielders not so long ago.

On Thursday, Sport Witness summarised reports from Italy which suggest that Forest remain in the market for Inter Milan midfielder Davide Frattesi, and have even made an initial enquiry. Such a deal could come at a steep cost, however, with Inter not only after cash but also winger Dan Ndoye. Is there a chance that an unexpected swap deal is on the horizon?

Why Nottingham Forest could be in the market for Davide Frattesi this January

Nottingham Forest’s supposed interest in Frattesi was first reported by Gianluca Di Marzio earlier this month, but the story hasn’t gone anywhere in the Italian press – even if it may come as a surprise to some Forest fans that a midfielder of his calibre could be available.

It’s not long ago that the 26-year-old Frattesi was a core member of the Inter side that reached the Champions League final in 2025 and a regular starter for the Italian national side. His status has slid over the past year, however, and he has lost his place in the side under current Inter manager Simone Inzaghi. A move away has long been rumoured.

Newcastle United were keen in the summer and had a bid rejected near the end of the last transfer window after they and Inter failed to find an agreeable price point, leaving Frattesi stranded at the San Siro where he has started just one Serie A match since the start of the season. A January transfer would be no surprise whatsoever.

As it stands, there are no immediate indications that Newcastle are keen to get back into the race for Frattesi, with their PSR position seemingly limiting their spending power and defensive reinforcements a more urgent priority. The emergence of Lewis Miley has also seen the acquisition of a new midfielder become a rather less pressing concern.

Galatasaray have been mentioned as another possible suitor, but as it stands Forest are firmly in the race for a player who remains an excellent midfielder capable of expertly bridging the gap between attack and midfield. Certainly his statistical output has remained strong despite Inzaghi’s lack of faith in him.

It’s not abundantly clear precisely how he would fit into Sean Dyche’s plans, as he is neither a natural number ten nor a defensive midfielder by trade – rather, he’s something of an in-betweener perhaps more apt for a 4-3-3 formation rather than a 4-2-3-1. But there’s no question about his quality, only about his form and how he would be integrated into the team.

There’s also a question about the cost. Even though Frattesi is no longer a key member of the starting side, Inter are said to be “firm” on a €35m (£30m) asking price – but also to be keen to include Ndoye in a part-exchange deal. Could a rare swap deal actually take place?

Could Nottingham Forest allow Dan Ndoye to leave this January?

Swiss winger Ndoye made an immediate impression at the City Ground after signing from Bologna in the summer, scoring on debut in the season opener against Brentford and providing an assist a week later against Crystal Palace. Since then, however, the goal contributions have dried up and the 25-year-old isn’t necessarily indispensable to Dyche.

Still, Inter seem to be keen to sign him and would apparently consider striking a part-exchange deal for him and Frattesi. Given that Nottingham Forest paid a starting price of around £35m plus add-ons for the winger only a few months ago, it may well be the case that the financial side of such a swap would end up as being next to nothing.

The fact that a straight swap would see Forest effectively taking a loss may give them pause for thought before pulling the trigger on such a deal, as would the fact that while Frattesi has proven quality at the very highest level, his performances did decline before he lost his place under Inzaghi. There is no guarantee that he would reach the heights again in the East Midlands.

As it stands, it looks as though Forest would prefer to give Ndoye more time to demonstrate that he was worthy of that initial investment. Sport Witness report that Forest rejected the idea of an exchange deal at first, and would “prefer” to pursue a cash-only alternative. Whether Inter drive a hard bargain or not remains to be seen.

It seems unlikely, however, given that they are evidently keen to cash in on a player no longer in their plans. Forest may well end up signing Frattesi this January, but a swap deal with Ndoye looks more likely to be a pipe dream on Inter’s part – at least for now.