Hughton was relieved of his duties with the club bottom of the Championship table and without a win in seven matches.
The 62-year-old was appointed as Forest boss in last October but was unable to reach the heights of his previous promotions with Newcastle United and Brighton and Hove Albion.
Steven Reid will step in as interim head coach as they search for a permanent successor.
And one name that features in the early bookmakers’ list is Jonathan Woodgate at 25/1.
The former Boro defender and boss is currently out of work after leaving Bournemouth in the summer. Meanwhile, Tony Pulis is a 33/1 shot.
The early favourite to succeed Hughton is former Swansea City manager Steve Cooper at 4/9.
Cooper, during his two years in charge at the Liberty Stadium, twice took the Swans into the Championship play-offs.
Behind him is ex-Sheffield United boss Chris Wilder at 9/4,