Elliott, a former record signing, made just under 100 appearances for the Wanderers between 1997 and 2001 before returning to the Toon Army following his decision to accept a longer contract to return to St James Park and he featured regularly in his first season back home.
However due to the emergance of Olivier Bernard and Andy Griffin to the first team meant the 29-year old spent most of last season on the sidelines and became one of five players transfer listed by Sir Bobby Robson over the summer.
He did state he would like to stay with the Magpies and having seen Gary Speed move to a more unnatural position at left back during the clubs 1-0 defeat by Birmingham City meant he has rejected any approach by Forest to try and force his way back into Sir Bobby Robson's plans.