The club's new owners took just 48 hours to sack Steve Cotterill after taking over, and are believed to be speaking to several "well-known" candidates ahead of the new season
Mick McCarthy has declared himself out of the running for the Nottingham Forest job, having been interviewed for the post on Monday, according to Sky Sports News.
The former Wolves boss was favourite to take over from Steve Cotterill, who was relieved of his duties by the club's new owners last week.
McCarthy, who has won promotion from the second tier with both Sunderland and Wolves, has been out of work since being sacked by the Molineux outfit in February.
The 53-year-old struggled last season, as Wolves went 11 games without a win, going on to finish bottom of the Premier League.
The Al-Hasawi family had previously said they are speaking to "four or five" candidates, with Glenn Hoddle, ex-Forest midfielder Roy Keane and Darren Ferguson thought to be in the running.
Former Tottenham boss Harry Redknapp was also rumoured to have made the shortlist, but was quick to rule himself out.