The Al Hasawi's preference for option one of the two was hardly a huge surprise.
Former England boss Glenn Hoddle initially emerged as the bookmakers' favourite for the job, but ex-Wolves boss Mick McCarthy, Peterborough United manager Darren Ferguson and former Forest midfielder Roy Keane are also candidates.
Favourites in the Forest frame
Glenn Hoddle -
Emerged as the bookmakers' favourite after a Tweet by Peterborough United chairman Darragh MacAnthony. Former Forest keeper Dave Beasant - who coaches at one of Hoddle's Football Academies - has suggested the new owners are likely to appoint a "big-name" boss with the profile of a former England manager.
Roy Keane -
The Manchester United legend and ex-Forest midfielder has been out of work since being sacked by Ipswich but has strong City ground links and is a world renowned name.
Darren Ferguson -
Was among the favourites to replace Cotterill and is still high on the list of possible replacement. Could MacAnthony's Tweets be diversionary tactics?
Mick McCarthy -
Out of work since being sacked by Wolves last season, McCarthy has vast experience, a proven track record in the Championship and, as a former Republic of Ireland boss, is a recognised name in world football.
Harry Redknapp -
Spoke to BBC Radio Nottingham to rule himself out of the running on Wednesday, but could he be tempted by a lucrative contract and a big-spending club eager to bring back the glory days?
The Kuwaiti family have already made their intentions clear as they begin their new venture.
With the new campaign just over a month away and the current squad looking distinctly threadbare, new signings are needed.
Saturday's City Ground news conference, which was announced on Tuesday, could yet see the new manager revealed.
But even if the new man is installed by early next week, he will have a hectic few weeks if a Forest side who only narrowly avoided relegation from the Championship last season are to challenge for promotion this time around.
"It's no surprise," Fray said. "Most new owners have their own idea and plans. By all accounts they have millions to spend and want to bring in a man who fits with their ambitions.
"Whatever happened, the right thing was to do it quickly. Now the urgency is to get a new man in. I would think they have an idea who that will be and think it will be done quickly.
"The new owners are introducing themselves to the fans on Saturday and it might not be beyond the realms of possibility that they will also reveal the new manager. If they can produce their new man on the day, that would be a grand entrance on to the City Ground stage.
"If he is out of work then it could happen. It would obviously be a lot more tricky if they have to look at compensation with another club.
"But it needs to happen urgently because Forest are starting to fall behind other Championship clubs. They can't afford to hang around.
BBC Radio Nottingham's Forest correspondent Colin Fray
"There is no question that Forest under-performed last season and lots of other managers said they would like the squad Forest had. It was a messy season
On sacking Cotterill
"It's no surprise. Most new owners have their own idea and plans. By all accounts they have millions to spend and want to bring in a man who fits with their ambitions. Whatever happened, the right thing was to do it quickly. Now the urgency is to get a new man in.
Finding a new manager
"I would think they have an idea who the new man will be and think it will be done quickly. It needs to happen urgently because Forest are starting to fall behind other Championship clubs. They can't afford to hang around."
"They have to strengthen at the back first. It has to be the priority because they only have one senior defender in the shape of Chris Gunter. There are no senior left-backs, although they do have options there. They probably need four of five defenders.
"There are plenty of central midfielders but they need to replace Garath McCleary and although they have an abundance of strikers, many of them were off form last season. If there is plenty of money then Forest are crying out for a 20-goal-a-season forward.
"There is no question that they under-performed last season and lots of other managers said they would like the squad Forest had. With the quality they had there is no doubt they under-achieved.
"It was a messy season. They had a dreadful start and Steve Cotterill had to come in to an awful situation with no money to spend."
Former Tottenham manager
looks unlikely to be the man to ensure there is no repeat of that failure.
The man who at one stage looked a dead cert to be the next England manager was one of a host of names already being linked with Forest, but he has already told
BBC Radio Nottingham
he is "not interested in the job".
Former Forest stars
Roy Keane, Stuart Pearce and Nigel Clough
have all been mentioned in a long list of possible replacements.
Keith Mather, chairman of the Nottingham Forest Supporters' Club, told BBC Sport: "I would like to see someone who is really committed to NFFC.
Forest fans shock at Cotterill sacking
"There's very little chance of it being Nigel Clough [Derby manager], but someone like Roy Keane has history with the club.
"It was a struggle at many times last season, and the guys who have come in with a massive investment want to see something come of that investment. It's one of those cases of a new brush sweeps clean.
"The clock is ticking, the season is five weeks away and we barely have a squad that we can play with."
Former Forest striker
told BBC East Midlands Today: "There will be about a hundred who want this job because it's a fantastic opportunity.
"The club is ready to be progressed, facilities are fantastic, and the [youth] academy is brilliant. So whoever gets the job will be very lucky indeed.
"I just hope the investment is there to progress the club as everybody wants. The supporters of this club are brilliant and they have been dying for this opportunity."
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