Recently sacked Stoke City manager Gary Rowett is the 9/1 third favourite to take over from Aitor Karanka at Nottingham Forest.
Karanka left Forest after asking to be released from his contract, with the 45-year-old's future at the City Ground up in the air ever since the side blew a three goal lead to draw 3-3 with Norwich City on December 26.
A statement from the club's official website read: "Aitor Karanka has asked to be released from his contract as the manager of Nottingham Forest Football Club.
"The club have agreed to this request and the terms of departure have been agreed. Both parties wish each other every success for the future."
Rowett was sacked as Stoke boss on Tuesday after less than eight months in charge at the club.
After taking over the reins following the side's relegation from the Premier League at the end of May last year, Rowett oversaw a poor run of form, with the Championship's early promotion favourites finding themselves 14th.
Jokanovic was considered the frontrunner for Rowett's Stoke job, but ruled himself out after declaring that it was too early to return to management after his departure from Fulham in November.