The Leeds United head coach was the heavy favourite following Gus Poyet's decision to move elsewhere.
Poyet reportedly held talks with the Championship side before being appointed manager of Spanish side Real Betis on Monday, which has prompted an apparent rethink from Forest owner Fawaz Al-Hasawi with none of his other targets seemingly attainable.
Martin O'Neill is busy plotting the Republic of Ireland's Euro 2016 campaign, with a decision over his future not expected until the end of the tournament, while Nigel Pearson is said to favour an approach from Aston Villa.
Following the Uruguayan's snub, Steve Evans has emerged as the heavy favourite to land the City Ground post, having admitted he fears the sack at Leeds United.
However, the Post reports Evans is not under consideration by Forest and nor will he be approached.
Al-Hasawi previously stated his preference was to appoint someone with a proven track record in the Championship, but the report adds the Kuwaiti could revisit a pool of foreign applicants.
Meanwhile, the report adds that a proposed takeover of Forest by Greek shipping magnate Evangelos Marinakis, which it claims will not interfere with the club's manager search, is edging closer to completion.