The former Tottenham manager has stated that he will not be the next boss at the City Ground following Steve Cotterill's sacking just hours after new owners purchased the team
The former Tottenham boss had become the bookmaker's favourite to take charge of the two-time European Cup winners following Cotterill's dismissal, but the 65-year-old has ruled himself out of the running.
He told the BBC: "I am not interested, but it's an amazing club with great tradition.
"I'm sorry to see Stevie Cotterill lose his job."
Nottingham Forest is the second job in two days with which the Londoner has linked, as the Russian FA revealed that he was on a shortlist to replace Dick Advocaat.
Darren Ferguson and Mick McCarthy are now among the favourites to assume the reins at the City Ground.
The takeover of the club by the wealthy Al-Hasawi family was completed on Tuesday and means that the Championship club have money to spend in order to return to the top flight.