Forest were plunged into the relegation zone last week after having four points deducted for breaking financial rules in the 2022-23 season, leaving them in 18th place on 21 points, one point below the safety zone.
Forest said last week they were extremely disappointed with the decision and had seven days to appeal.
European champions in 1979 and 1980, Forest had admitted to breaching the threshold of 61 million pounds ($77.07 million) by 34.5 million, according to the Premier League.
England's top-flight clubs are allowed to lose 105 million pounds over three seasons. However, two years of Forest's assessment period were spent in the second-tier Championship, meaning they could lose only a maximum of 61 million pounds.
The club, owned by Greek businessman Evangelos Marinakis, went on a spending spree after they gained promotion to the Premier League in May 2022.
They broke the record for most transfers by a Premier League club in the close-season window with 21 signings.
Earlier this season, Everton had their points deduction for breaching Premier League financial rules reduced to six points from 10 after an appeal. But Everton are still waiting on a potential second punishment relating to the 2022-23 campaign.
