After managing to save Forest from the drop last season, things didn't go to plan for Hughton at the start of the 2021/22 campaign, and he's become the first manager in the Championship to get the sack.
Forest have failed to win any of their first seven fixtures, leaving them bottom of the table on a measly point, and Wednesday's 2-0 loss to Middlesbrough proved to be the final nail in the coffin.
Having now taken action to relieve Hughton of his managerial duties, Forest chiefs will be keen to quickly find a new man for the hot seat, and a few names have already emerged as frontrunners.
The former Swansea manager has taken an early lead as the favourite to replace Houghton after his mutual departure from the Welsh side last season.
Before leaving the Swans, Cooper took the club to consecutive play-offs, although ended up losing to Brentford on both occasions, most notably in the final last season.
Now in search of a new project, Cooper could be tempted to return to the Championship in an attempt to reverse Nottingham Forest's dismal form.
The 41-year-old first made his name as a youth coach in the England set-up where he managed the Under-17s side that went on to win the World Cup in 2017.
Having previously shown the ability to improve and nurture young players, it's no surprise that Cooper has been identified as an ideal candidate to take charge at the City Ground.
Former Sheffield United boss, Chris Wilder, is also in the running for the role after recently stating that he is ready to return to the managerial fray.
Following his departure from the Blades back in March, the 53-year-old took a small break from management but looked set to take charge at West Brom before an eventual breakdown in negotiations.
As a result, Wilder has been left searching for a new project, but after coming out to publicly state his desire to return, it seems he's been angling for the Forest job for a while.
Speaking to Sky Sports, Wilder said: "I've worked at every level and I want to get back, of course I do. I've missed it."
"When you've been in the game as long as I've been, you miss it dearly. I've enjoyed the break, it's been great to recharge the batteries and spend time with the family but now I'm ready to rock and roll and get back onto the next challenge."
Having taken Sheffield United from League One to the Premier League, Forest will certainly be mulling over their options if Wilder's interest turns out to be true.
In Forest's recent 2-0 loss to Middlesbrough, former Preston North End manager Alex Neil was spotted in the stands at the City Ground, and his presence raised some eyebrows.
Neil left Preston in March by mutual consent, with the Lilywhites sat 16th in the Championship, but the 40-year-old still impressed during his time in charge.
Despite not achieving promotion, Neil's Preston frequently challenged for the play-offs despite losing some of their best players. He also has a previous promotion already on his CV with Norwich City, so he could yet find his way into the hot seat at Forest.
Still a young manager, Neil has plenty of potential to grow. It's still yet to be seen whether he has the experience to save a club from relegation, but if given the chance he could excel at Nottingham.
The latest ex-player linked with a managerial role is John Terry, who could well join former England teammate Wayne Rooney as a Championship manager this season.
After former teammate, Frank Lampard, enjoyed success in the Championship with Derby County, Terry will hope that his experience as assistant holds him in good stead for his next job, although it'll be a tough task at Forest.
With no experience as the main man, Terry will have to rely heavily on his playing experience at Chelsea and natural leadership to turn around Forest's fate.
It'd be a risk, and perhaps a surprise, but it'd be a huge chance for the 40-year-old to make his name in management, and an opportunity for Forest to experiment with a new and exciting manager.
Current Braga manager, Carlos Carvalhal, is another potential suitor after being linked to Forest back in 2019.
The Portuguese manager previously took charge of Sheffield Wednesday and Swansea City, but had mixed success, finishing fourth with the Owls in the Championship before being relegated with Swansea in 2018.
Having won the Taca De Portugal last season with Braga, Carvalhal may be tempted by a return to England to re-establish his reputation following the disappointment from his Premier League relegation.
He remains an outsider as it stands, but with previous links to Forest and past experience managing in England, Carvalhal could yet be a contender for the role.