After a weekend of rumours in the wake of the 5-0 defeat at the hands of Derby County, the club have announced 'the termination of manager Billy Davies' employment' and the end of his second spell as City Ground boss.
A further update is expected to announce Neil Warnock as a successor, possibly on a short-term deal until the end of the current season.
As you can imagine, the Forest Mad Forum is alive with talk about the news. Have your say by clicking below to register.
***Update*** Owner and Chairman Fawaz Al Hasawi has released a further statement updating supporters on the situation and confirming that academy manager Gary Brazil is in charge of permanent affairs until an appointment is made.
Interestingly he also states that any bans currently imposed on members of the press have been lifted and that 'the local and national press will have regular access to whoever is appointed as our new manager'.