Peterborough boss Darren Ferguson is the bookmakers favourite to land the Nottingham Forest manager's job.
Steve Cotterill was dismissed this morning following the takeover of the club by the new Kuwaiti owners.
The Al-Hasawi family assumed control of the npower Championship club on Tuesday and wasted little time in implementing their plans for the Reds.
Ferguson is currently 1/2 for the job according to some bookmakers, while former Tottenham boss Harry Redknapp is also being backed for the job.
The news will be greeted with some irritation by Peterborough. Just two weeks ago the club released a statement expressing Ferguson's desire to stay at the club, after reports linked the former Preston boss with the Forest job.
The club said it would not comment on media speculation it had reported Nottingham Forest to the Football League.