Nottingham Forest owner and chairman Fawaz Al Hasawi is aiming to have a new manager in place by the end of next week.

The Reds are looking for a successor to Billy Davies after his second spell in charge of the club was brought to an end on Monday in the wake of the 5-0 defeat to local rivals Derby.

Al Hasawi has experienced problems replacing the Scot with Neil Warnock and then Stuart Pearce turning down the opportunity.

Warnock rejected the Reds after claiming that he was unhappy with the conditions of the job while Pearce declined the invitation for personal reasons.

It remains unclear whether Al Hasawi, assisted in his search by former European Cup-winning captain and recently-appointed club ambassador John McGovern, is looking for a permanent manager or someone to take charge for the remainder of the season but the Kuwaiti is hopeful of filing the role in some capacity within the next 10 days.

''Hopefully by the end of next week we will have a new manager in place. I am working closely with John McGovern on a daily basis,'' Al Hasawi said via his Twitter account.

''We don't want to rush into a decision. We have to get the right man and we are prepared to wait to achieve that.

''In the meantime we must all stay behind Gary Brazil. There are important games ahead and the play-offs are still within reach.''