The Magpies are 40/1 (41.0) with bet365 to win this competition, which would give them their first major domestic trophy since 1955.
Forest, meanwhile, are highly unlikely to go all the way in this competition and were only able to edge out Bury 10-9 on penalties at home in the first round to make it this far.
Today's hosts won 3-2 at St James’ Park in the EFL Cup last season and are 2/1 (3.0) to record a victory inside 90 minutes here.
The visitors are 6/4 (2.5) to show their Premier League class by reaching the third round without requiring a penalty shoot-out.
A draw, which would see the game go to spot kicks, is 12/5 (3.4).
Diogo Goncalves is returning from fitness and could push for minutes, but Sam Byram and Adlene Guedioura are expected to miss out and Jordan Smith is suspended following his sending off in the first round.
Kenedy was not eligible to face parent club Chelsea at the weekend while Isaac Hayden was suspended, but both players will be available here.
Jonjo Shelvey also missed Sunday's game through a thigh injury and will miss out again here, but Jamaal Lascelles could be back to face his former club after an ankle injury kept him out over the weekend.
Perez to strike
Ayoze Perez should start on Wednesday and boasts an impressive six goals in his last 10 starts, making the 2/1 (3.0) on him to score anytime here tempting.
Alternatively, Forest striker Daryl Murphy has scored two goals in his last three appearances and is 15/8 (2.88) to bag against his former employers.
Preview and predictions
13 of Newcastle’s last 15 victories in all competitions have seen three or fewer goals, as have eight of Forest’s nine defeats under Aitor Karanka.
For that reason, our best bet is Newcastle to win, Under 4 goals and Perez to score anytime, a combined 7/1 (8.0) shot that can be found via the bet builder.
Odds correct at the time of writing. Please gamble responsibly.