The 21-year-old, who is currently on loan at the City Ground from Championship rivals Middlesbrough, is set to make the step up to the Premier League at the end of this season having dazzled under Steve Cooper.
Spence made his England Under-21s debut in Albania this week and has been a sensation for Forest, impressing during their dramatic play-off push and FA Cup run, which saw them knock out both Arsenal and holders Leicester.
A number of clubs are tracking Spence, who will have a year left on his Boro contract come the end of this campaign. Senior figures at the Riverside Stadium know they will not be able to keep hold of the player this summer.
As well as north London rivals Arsenal and Spurs, German giants Bayern Munich are also keeping a close eye on Spence’s progress.
The right-back has become one of the top prospects in his position over the past six months, but given he will have just a year left on his deal this summer, sources close to the situation believe the fee will be between £12m-15m.
Spurs have held talks over a potential deal but the wide array of interest may spark a bidding war and drive up the price. Spence has made his desire to step up clear but insists he remains focused on the end of the season.
“I always want to push myself and play with the best players and best teams,” Spence said this week. “Of course it’s an ambition of mine to play in the Premier League. I just want to keep improving and show everyone what I can do on the pitch.
“I need to stay focused, have tunnel vision and play well on the pitch.”