Steve Cotterill has been relieved of his duties by new Nottingham Forest owners the Al-Hawasi following their meeting on Thursday morning, and speculation on who will now take charge is understandably rife.

Former European Cup winners Forest have spent the whole of this century so far out of England’s top division, though the two season previous to the 2011/2012 campaign saw the Reds reach the play-offs, losing in the semi-finals on both occasions under the guidance of Billy Davies.

Last season was a rather different story by the River Trent. Former England manager Steve McClaren was dismissed after three near disastrous months which saw Forest pick up just eight points from ten games. Cotterill took control overseeing a difficult period for the club, securing safety with two games to spare.

However, as is often the case, new ownership has led to a desire for a new manager, and with just five weeks until the start of new season the board have refused to waste any time.

Harry Redknapp, who is currently out of work since his dismissal from Tottenham Hotspur was the early favourite with the bookmakers, but has been quick to distance himself from the position, though many other big names are said to be in the running.

Peterborough manager Darren Ferguson, who was linked with Forest earlier in the month, is currently leading the market with Bet Victor offering odds of 1.83 (5/6).

The Scotsman has achieved three promotions in two spells with Peterborough, who finished level on points and one place above Forest last season.

Next in line comes Mick McCarthy, who has won the Championship title with both Sunderland and Wolverhampton Wanderers, the latter relieving him of his duties in February. He can be backed at odds of 9.0 (8.1) with Bet Victor.

Former Forest midfielder Roy Keane, who has also won the Championship title with Sunderland is an 11.0 (10/1) shot with Ladbrokes.

Keane, who was brought to England by club legend Brian Clough in 1990, has been out of work since his dismissal from Ipswich Town eighteen months ago.

Former Forest favourite Stuart Pearce is 21.0 (20/1) with Bet Victor, while other names in the frame include Alex McLeish and Alan Shearer, while Billy Davies is 26.0 (25/1) with Paddy Power to return to the City Ground.