Mark Warburton's preparations for the new season are already well underway after the signings of forwards Barrie McKay and Jason Cummings, and the next few weeks could prove to be important as they return from America to begin their pre-season friendlies.
Unsurprisngly, boosted by the takeover from Evangelos Marinakis, Forest have been linked with a number of names so far this summer and it will be interesting to see who else arrives through the doors of The City Ground in the forthcoming weeks.
The Reds must improve on last season's shocking campaign and the next few weeks of transfer activity could determine the sort of season they may have.
As well as incomings, Mark Warburton will be keen to trim his current squad and it is likely that we will see a number of players depart the East Midlands club in the next few weeks.
The Reds return from their training camp in America in the next few days and fans can expect plenty of transfer movement when they arrive back in Nottingham.
So FLW writer Harry Webster takes a look at one player Warburton needs to sign and one player he needs to axe in the next few weeks...
SIGN - Michael Hector
Chelsea defender Michael Hector could be the next player to join Forest when they return from America, according to The Sun, and there can be no denying that he would be an excellent signing.
The Jamaican international had an enjoyable loan spell with German side Eintracht Frankfurt last season, and is reportedly in talks with Forest over a potential season-long loan deal.
The Reds' biggest downfall last season was their defence and Hector would provide a real presence in the back four next season if he were to join the club.
If Warburton can add Hector to the squad as well as some other new faces in the next few weeks, Forest may well be dark horses for a promotion push next season.
AXE - Damien Perquis
The likes of Vladimir Stojkovic and Damien Perquis are all expected to depart the club in the next few weeks, after not travelling with the squad to America.
Perquis has failed to make an impact at The City Ground since his arrival last season, and was one of a number panic buys by former manager Philippe Montanier.
The Poland international is expected to return to France or America and if Forest can axe him, and bring in Hector then that will be a tremendous bit of business by the East Midlands club.
Nottingham Forest fans... Would you be happy with this business? Have you been impressed with Warburton's and McParland's business so far? Who else should leave or join the club? Let us know what you think in the comments below!