The former Wednesday forward, who left the club in 2020 after five headline-grabbing years, left the Serie A club having played in only 54 minutes in the league this season.
The news came as some surprise and was announced as a mutual termination by both player and club last week.
Despite a nostalgic hankering from some quarters of the Owls fanbase, it is understood the enigmatic Argentina-born 31-year-old was never a signing considered by Darren Moore as he looks to push the club towards a new future.
Instead, The Star can reveal Forestieri could be about to head to sunnier climes and to the Malaysian league.
Top tier side Johor Darul Ta’zim are believed to have offered the former Italy youth international a fresh opportunity, a move that would see him afforded the chance to play in the Asian Champions League.
The club, who are backed by the Crown Prince of Johor, play in a 40,000-seater stadium and have won the last eight Malaysian Super League titles.
Talks are understood to be at an early stage but Johor Darul Ta’zim are confident of securing Forestieri’s transfer.
His former Wednesday teammate Manuel Hidalgo signed for Sri Pahang FC, one of Johor’s keenest rivals, last year.
Should a deal be agreed, among Forestieri’s new teammates would be former Sheffield United and Leeds United man Shane Lowry.