The club is looking to add a new winger to their team this summer and has been considering several players for the position.
According to reports, Newcastle has made a £45 million bid for Elanga, who is a Sweden international.
However, Forest has rejected the offer, stating that they do not plan to sell Elanga this summer.
As a result, Newcastle will likely look at other options, including players like Mohammed Kudus from West Ham, Antoine Semenyo from Bournemouth, and Johan Bakayoko from PSV.