The Baggies are currently struggling in The Premiership and will inevitably lose some of their top players come May.
Charlton Athletic are believed to be interested in taking striker Jason Roberts to partner Jason Euell and Harewood could fit the bill as his replacement.
Harewood, 23, has played 180 times for Forest and has enjoyed his best season so far this year with 16 goals.
He made his debut against West Brom back in 1998 when Forest secured promotion back to The Premiership under Dave Bassett.
Magic Marlon actually turned down the chance to sign for West Brom for around £750,000 when Brian Little was manager so hopefully he won't be tempted in a switch to The Hawthorns.