Eddie Howe has endured a relatively quiet summer despite his side's considerable financial might, and have enquired about a potential deal for Elanga on the final day of the transfer window.
Forest however are understood to be in no rush to let the 22-year-old depart the club, particularly given the lack of time to bring in a suitable replacement.
In his maiden campaign at the City Ground Elanga netted five times in 35 Premier League appearances.
Newcastle have mate a late approach to sign Anthony Elanga from Nottingham Forest
The Magpies' long-running pursuit of Marc Guehi ultimately ended in failure after Crystal Palace rejected a bid said to be in the region of £65m.
'It is a challenging period, no doubt about that. We haven’t had the window that we wanted to have, there is no denying that.
'I'm not going to sit here and say it's been a brilliant transfer window for us. I think everyone will look at me and think I'm not sure he's telling the truth there.