Stuart Pearce has left his role as Nottingham Forest manager, the club have confirmed.
In a statement, the club said: "After long discussions between owner and chairman Fawaz Al Hasawi and manager Stuart Pearce, the club has decided that Stuart will be relieved of his role as manager with immediate effect.
"Mr Al Hasawi has offered Stuart an alternative role at the club, which he is currently considering.
"The club will be making no further comment at this time."
Nottingham Forest lost 3 - 2 to Fulham, as the visitors conceded three goals within the first 35 minutes in front of a delighted home crowd.
Forest fought back after watching Ross McCormack score a hat-trick for the London side, Henri Lansbury scoring a free kick on the stroke of half time.
Lansbury added a second goal after the break, but it wasn't enough for Forest.
Nottingham Forest have signed midfielder Gary Gardner on loan from Aston Villa until the end of the season.
The 22-year-old won five England Under 21 caps under Forest boss Stuart Pearce.
He is available for selection for Forest's match against Sheffield Wednesday this afternoon.
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The Football League have hit Nottingham Forest with a transfer embargo, meaning the club will not be able to sign players during the January transfer window.
The embargo is given because Forest breached the Football League's 'Financial Fair Play' rules - the club incurred financial losses of more than the £8million permitted last season.
Leeds United and Blackburn Rovers have also been hit by the ban for the same reason.
An initial analysis of FFP submissions from the current 24 Championship clubs has indicated that three clubs - Blackburn Rovers, Leeds United and Nottingham Forest - have failed to meet the fair play requirement under the division's FFP rules.
Consequently, all three will be subject to an 'FFP embargo' under Football League regulations from January 1, 2015 for the remainder of the current campaign.
A thousand green jumpers will be given to Nottingham Forest supporters tomorrow night as the team travels to Tottenham Hotspur for a third round tie in the Capital One Cup.
The famous green round neck jumpers are to remember Brian Clough on the tenth anniversary since his death.
Every supporter travelling on the club’s official supporters’ coaches will be given a green jumper, while a limited number will be handed out at the ground.
The points were shared at the City Ground after Britt Assombalonga's opener for Nottingham Forest was cancelled out by a Ryan Shotton strike.
Derby centre-back Jake Buxton saw red for a second bookable offence when challenging Chris Burke.
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Nottingham Forest's Jamaal Lascelles and Karl Darlow have completed their move to Newcastle United.
The pair have signed permanent deals with the Premier League club but will remain at The City Ground on season-long loans as part of the agreement.