Former Tottenham and England boss Hoddle was among the favourites for the role along with Mick McCarthy, Darren Ferguson and ex-Forest star Roy Keane.
But Abdulaziz Al Hasawi said: "We have not spoken to Glenn Hoddle."
He added: "Steve Cotterill was a good steward for Forest during difficult times, but we felt we needed a fresh start.
The Kuwait-based Al Hasawi family have outlined their plans for the npower Championship club.
"We are in discussions with four or five well-known figures in the football world, who have a perfect understanding of this league, and hopefully in a week all matters should be finalised and it will be revealed," Abdulaziz Al Hasawi added.
"We are looking for the best in the business. We will start meeting people within a day. We have to secure this within the next three or four days because we have to get started."
The Al Hasawis took control of Forest on Tuesday after reaching terms to buy the late Nigel Doughty's controlling stake in the two-time European Cup winners.
Their aim is to take the club back into the Premier League, although Abdulaziz Al Hasawi warned success would not come overnight.
He said: "We have a three to five-year plan to get the club back where it should be. It will require hard work and sacrifice but that is our ambition."