The former Tottenham boss had become the favourite to take charge of the two time European Cup winner after the sacking of Steve Cotterill.
However the 65-year-old has today ruled himself out of the running.
“I am not interested, but it’s an amazing club with great tradition," he told the BBC. "I’m sorry to see Stevie Cotterill lose his job.”
Nottingham Forest becomes the second job in two days that the Londoner has distanced himself from.
He had also been in contention for the vacant Russia national job after being revealed as one of 12 managers named on a shortlist.
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