Keith Hill wants to bring the 30-year-old – who was club skipper in his short time at Bolton – back to the UniBol and was looking in a better position to do just that last week when Peterborough United dropped their interest.
It has now emerged, however, that former boss Parkinson wants Bridcutt and another ex-Wanderer, Zach Clough, to help fuel his promotion chase at the Stadium of Light.
Reports on Wearside claim an official offer is imminent, which could leave Hill having to look elsewhere.
Bridcutt had not played a league game for nearly a year at Forest before Hill brought him to Bolton on the final day of the summer transfer window.
He made 12 appearances in total for the Whites but suffered misfortune with injuries, including a fractured sternum and a dislocated shoulder. He limped out of the 1-1 draw with Shrewsbury on December 29 with a hamstring problem in what proved to be his last appearance for the club.
Sunderland have undergone a transformation in fortunes since fans called for Parkinson to be sacked during their goalless draw with Wanderers on Boxing Day. The Black Cats currently sit sixth and six points off the top two with a game in hand.
Hill has loaned Ethan Hamilton from Manchester United and Toto Nsiala from Ipswich Town but is unable to pay fees under the terms of the transfer embargo, which weakens his hand significantly in the market.
Speaking at the weekend, Hill said he does have the wherewithal to bring in new players.
“It’s a challenge,” he said. “And it’s one we’ll get right. It’s just a question of when.
“I think we have to be patient. I am very patient, believe it or not, when it comes to getting what I need, not what I want.
“Do I want players in? Yes. Do I want the right players in? That’s more important.
“I need players to do the big task, the rebuild task.
“Have we got room? Yes, I think we’ve got flexibility. You have got to be clever. A budget has never been a problem to me, working within it. But you have to be able to move players on, bring them in, reduce costs so that you can bring players in and operate within the restrictions of the embargo.
“We can do it. We will do it over the course of the next two-and-a-half weeks.”