The 26-year-old, who had a hand in all five Forest goals at Villa Park on Wednesday, has caught the attention of several clubs after notching seven times this season.
The former Kidderminster Harriers player, who grew up in Redditch, joined Forest from Huddersfield Town in January for £1million.
He was signed by former Forest technical director Luke Dowling, who has since joined the Baggies in the same role.
Dowling remains keen on Lolley and hoped to bring him to The Hawthorns this season, but the winger’s exploits in the Championship have started to earn him interest from several Premier League sides.
Both Watford and Cardiff are reportedly weighing up January offers for him.
A lifelong Villa fan, it may also prove difficult to entice Lolley to the Baggies considering he has cemented his place in a Forest team also vying for promotion.
Lolley has three-and-a-half years left on his current Forest deal, strengthening their negotiating position.
Although Aitor Karanka has a large squad in need of trimming, Lolley has become a crucial part of their team and Forest will not part with him easily, especially to a promotion rival.
Lolley scored 11 goals in 25 games for Kidderminster before moving to Huddersfield, but he was sold by David Wagner in January.
Albion are gearing up their plans for the January transfer window, and one of the first items on the agenda is finding out whether Leicester City want to recall Harvey Barnes.
"I think that conversation will happen in due course,” said head coach Darren Moore.
"With Luke here, he can pick up the baton with things like that off the field, which helps me to keep the focus on the pitch.
"We'll speak to Leicester in the coming weeks as the two clubs have an open relationship."
"Harvey is happy, delighted to be here. We're seeing him play some very good football.
“We've given him a platform to perform and show those attributes. As we speak, everything's fine as it stands."