The January transfer window is now open as Nottingham Forest have a chance to strengthen their squad.
The wait to see if they will be hit with a charge for breaching FFP rules by the Premier League means spending is likely be delayed and quite probably limited compared to the previous three windows, which have seen 42 signings.
We take an in-depth look at a squad featuring no fewer than 41 senior players, three of whom are on loan, and what could happen this month and in the longer term.
Goalkeepers
Matt Turner, Odysseas Vlachodimos, Wayne Hennessey, Ethan Horvath, George Shelvey
Forest have five senior goalkeepers but none can lay claim to being the true number one despite four having good international experience. American international Horvath did not make the 25-man squad and neither did Shelvey when it was announced in September.
January transfer window: Forest have again been linked with Jose Sa, the Wolves keeper who is a client of Jorge Mendes' Gestifute agency. It would be a deal that makes sense if it can be done and Sa is a proven Premier League goalkeeper who at the age of 30 is probably at his peak. A return for Keylor Navas has been tentatively linked, but the 37-year-old has not played all season and has only just recovered from a back injury at Paris Saint Germain.
Forest will look to move Horvath on if they can and Shelvey would benefit from a move too. Vlachodimos may yet claim the number one shirt given his CV with Benfica and the Greek national team. Turner currently holds the shirt but his distribution with his feet has been a major issue, even if Nuno publicly backed him after the win against Manchester United.
Defence
Right-back
Gonzalo Montiel, Neco Williams, Ola Aina, Serge Aurier
Montiel looked set to be seen as bad business after his loan move from Sevilla. He struggled in early appearances but was recalled to the XI by Nuno and has looked more like a World Cup winner since then, meaning a permanent deal for less than £10m could happen.
Williams was playing well before Montiel's recall and looks a more than competent wing-back. Questions remain defensively in a back four but he has consistently done well off the bench and talk of a January loan move should be quashed now.
Aurier was a consistent performer last season but has been less effective this season and is out of contract in the summer. A January transfer would not have been a surprise but he is currently at AFCON, which could complicate matters. A summer exit after a good stint looks likely right now.
Aina has done well on both flanks bar a terrible showing against Fulham when his effort or belief were in question. However, he more than merits triggering the one year option the club reportedly have to extend his contract, which currently ends in June.
Left-back
Ola Aina, Harry Toffolo, Nuno Tavares
As with Neco Williams, Harry Toffolo was playing well before Nuno's arrival but has since dropped out of the side. He will get a chance during Aina's AFCON absence and more than deserved his recent contract extension.
Tavares was signed on loan from Arsenal largely as a wing-back it seems. He has featured just three times in the Premier League, playing 94 minutes in total. If he does not return to Arsenal this month, he offers cover, perhaps even more so as a winger, but Forest might want to be careful not to trigger any appearance based clauses that could force them to buy him if he isn't going to play.
Central defence
Murillo, Mossa Niakhate, Willy Boly, Felipe, Joe Worrall, Andrew Omobamidele, Scott McKenna
Forest have seven senior central defenders but there is very little certainty long term around the position. Boly, Felipe and McKenna are all out of contract in the summer and McKenna could move this month. Worrall is reportedly potentially leaving too and Omobamidele could go out on loan having failed to feature at all since his move from Norwich.
Niakhate and Boly are at AFCON, leaving Forest with very limited options in the short term. Murillo is now essential and has so much talent he could move to a bigger in the medium to long-term and Felipe has been unable to stay fit all season due to ongoing knee problems.
January transfer window: There seems to be no need to do full-back business unless it is players leaving. Forest are said to want a right-footed centre back who is comfortable on the ball like Murillo. That may prove difficult to find and it could be a case of muddling through the next four games Boly and Niakhate could miss, especially if Worrall is sold.
West Ham and Leicester City have been linked with the club captain and McKenna has been linked with Rangers, Celtic and Besiktas. He could sign a pre-contract agreement but a move now to help cement his Euro 2024 place could help him and Forest if he can bring in around £3m.
Central midfield
Orel Mangala, Ibrahim Sangare, Ryan Yates, Nicolas Dominguez, Danilo, Cheikou Kouyate, Brandon Aguilera, Morgan Gibbs-White
Nuno has a plethora of options here even with Andrey Santos returning to Chelsea after he was unable to force his way into the team. The question appears to be who will grab the shirts long-term at the base of midfield with Gibbs-White looking nailed in an advanced role. Dominquez did well further forwards against Manchester United with Mangala the man to miss out so far, but he has been excellent this season.
January transfer window: Kouyate is out of contract in the summer and could go if AFCON isn't a complication, but he has proven to be a good bench option. Aguilera could leave on loan. Gustavo Scarpa's move to Atletico Mineiro has already banked £4m. Signings seem unlikely if money is tight, but Sunderland's Pierre Ekwah, a 21-year-old West Ham product, has been linked.
Wingers
Callum Hudson-Odoi, Anthony Elanga
Elanga has been excellent with 10 goal involvements since his summer move from Manchester United and currently looks a £15m bargain. Hudson-Odoi has missed four games with injury and only started five, but has looked bright and basically in need of a run of games to get back towards his best at Chelsea.
January transfer window: A winger is needed for cover or competition. The Athletic say Cadiz winger Ivan Alejo is of interest. The 28-year-old has played 17 times in La Liga this season, registering two assists. In total, the Spanish U19 international has played 116 times in their top flight, scoring four times and assisting nine.
Monaco's Gelson Martins had been linked but he has joined Olympiacos after failing to feature in the last year for the French side.
Strikers
Taiwo Awoniyi, Chris Wood, Divock Origi
Forest looked to be in big trouble when it was revealed Awoniyi needed groin surgery but he looks to be ahead of schedule in his recovery and while missing AFCON will be a personal blow to the Nigerian international, it could benefit Forest.
Wood has stepped up in his absence for much of the season and scored four goals over Christmas to take his tally for the season to seven in the Premier League, a great return in seven starts and 18 appearances in total. He is widely reported to be out of contract this summer so it will be interesting to see what happens with the 32-year-old.
Origi is yet to make any impact since joining on loan from AC Milan and it would not be a surprise to see his loan end this month unless he follows the example of Montiel.
January transfer window: Forest have been linked with ex-Liverpool striker Roberto Firmino but that would appear to be unlikely with spending set to be more limited, especially as Forest are waiting to hear if they will face an FFP charge from the Premier League.
Players out on loan
Loic Mbe Soh (Almere), Omar Richards (Olympiacos), Jonathan Panzo (Cardiff City), Richie Laryea (Vancouver), Remo Freuler (Bologna), Lewis O'Brien (Middlesbrough), Hwang Ui-Jo (Norwich), Alex Mighten (Kortrijk), Emmanuel Dennis (Başakşehir), Josh Bowler (Cardiff)
Ten players are out on loan, not including Jonjo Shelvey, who moved to Turkey permanently, not as initially reported. It is hard to see any of them bar perhaps Richards ever getting in the first team, so arranging permanent exits for the rest looks important given Nuno's demand for a smaller squad.
In total, Forest currently have 41 senior players, three of which are in on loan. Freuler joined Bologna on loan last summer with the Reds saying they were obliged to buy him. The Serie A side said they have an option to sign the Swiss international on their website. Dennis has been linked with a move to Rangers.
Great to see you guys up and running with written content too! Love the podcast and so glad you are kicking on from Garibali Red!
Quick question - why on earth are we interested in a 28 year old winger with 13 goal involvements in 116 games? With respect, Alejo sounds terrible!