Freedman, 40, played 83 games for Forest in the late 90's and early 2000's, scoring 23 goals, and returned to the City Ground as manager in February after the departure of Stuart Pearce.
The appointment was met with widespread scepticism after Freedman's underwhelming spell as manager of Bolton Wanderers, but he's proven the doubters wrong so far.
Forest have lost just twice in Freedman's 11 games in charge, winning seven despite the season-ending injury to star striker Britt Assombalonga.
The run of form still leaves Forest ten points adrift of the play-off places, but Freedman has impressed enough to seemingly earn a stay beyond the end of this season.
The Nottingham Post report that Forest have entered negotiations with Freedman over a new 12-month contract to stay as manager - and that a deal could be announced in the coming days.
That would be a huge boost for Forest fans, who just want some stability in the dugout having seen seven managers at the City Ground since Billy Davies' departure in 2011.
Freedman staying goes some way to achieving that, and the summer transfer window could be huge for the Scot as he bids to take Forest back to the Premier League.