Adebola concedes he was flattered by interest from elsewhere but with the club gunning for promotion, is content to commit his future to the Robins.
He told the Western Daily Press: "The chairman and the manager have showed their faith in me and they want me here.
"I am happy to stay because I feel I am doing well, the lads are playing well and we have a chance of being promoted - it would be hard for me to want to go.
"I have heard bits and bobs about the bid, but unfortunately as players we have little control over these things.
"It is flattering that a club has put a bid in for me because it means I must be doing something right.
"You just have to take it as it comes. You are told what you are doing and you have to put these things to the back of your mind."
City boss Gary Johnson has made it clear Adebola remains a key part of his plans for the rest of this season and beyond.
"I'm glad Dele is staying until the end of the season," said Johnson. "There was no way I wanted to lose him to Forest.
"They are a Championship rival and we're not in the business of selling our best players to our rivals. But I'm looking further ahead and I want Dele to still be here next season.
"There's a deal on the table for Dele and we'll be opening negotiations very soon."
, Bristol City 7/4
, Draw 12/5