An old link has resurfaced in connection with the City Ground post.
Nottingham Forest fans do not know whether they are coming or going.
Earlier this week, the Nottingham Post reported the Reds' shortlist had been cut to three, with Spanish trio Victor Sanchez, Julen Lopetegui and Michel the leading contenders to replace Dougie Freedman.
Previous favourite Sanchez has joined Olympiacos
However, after Sanchez was sworn in at Olympiacos on Thursday, his predecessor at the Greek club, Marco Silva, replaced him as the bookmakers' favourite.
Later, Spanish publication Super Deporte reported that former Valencia coach Miroslav Djukic was close to taking the job instead.
Djukic's name emerged on Thursday
The former Rennes boss is said to be "close to Forest" having held talks with the club in the south of France on Wednesday.
The 51-year-old has been out of work since January, having previously managed Boulogne, Valenciennes and Real Sociedad.
Montanier was also thought to be Athens bound
Forest, who finished 16th in last season's Championship, remain the only club in the division not to have a manager in place.