NTV Spor claims that the 41-year-old met with Forest recently with the view of taking a coaching position at the Vodafone Arena alongside current manager Senol Gunes, who has been in charge of the Istanbul-based since 2015.
The deal is allegedly subject to the approval of Gunes and the sorting of a few finer financial details.
Guti would be no stranger to Besiktas, having joined the Turkish side in 2010 whilst still a player, after deciding to leave Real Madrid after a 14-year stay. Guti won three Champions League titles and five La Liga titles among a host of other trophies during his time with Los Blancos.
After deciding to hang up his boots in 2011, Guti would return to Real Madrid to help coach the youth side in the 2013/14 season, before progressing to the Under-18's and then the Under-19's, where he is currently situated.
There has been intense speculation surrounding the managerial future of Guti, with the Spaniard linked with Scottish side St Mirren, before sensationally being and touted as a possible replacement for Zinedine Zidane as Real Madrid's first team boss.
In the midst of a potential switch to Besiktas, Guti will be preparing Real Madrid's Under-19's for the second leg of a Copa del Rey Junevil semi final this coming Sunday, having won the first leg against San Felix Under19's 6-1, with the prospect of a Madrid derby in the final.