Forest gave up a 1-0 lead to lose 2-1 against Cardiff on Sunday to make it five losses from their opening six games in the second tier, sitting rock bottom of the table on a single point - the club's worst start to a season in 108 years.
Former Premier League regular Hughton is edging towards the exit door after less than a year in charge, and Terry has been linked with the job alongside ex-Sheffield United boss Chris Wilder.
However, talkSPORT host Simon Jordan has advised the Chelsea legend to steer clear of the City Ground, claiming history will just repeat itself.
"If John Terry goes to Nottingham Forest, they're going to have the same problems," said the White and Jordan host.
"Nottingham Forest have had 18 managers in the last ten years, with the average being each manager gets a year.
"I'm all for changing coaches who do not give you any indication they're going to do anything different that the previous guy, but you get to the point where you start to look at it and go, what's going on at this football club?
"Why has this club that was a powerhouse of English football dropped out of the Premier League and only been close to getting back twice over the last 22 years?"
Hughton took over the post from Sabri Lamouchi in October 2020, after the Frenchman got off to a similarly torrid start to the season.
In the previous campaign, though, Lamouchi wasn't far from legendary status at the club, inches from securing a play-off finish before an astonishing final day collapse against Stoke.
"You look at the people who have been in there in the last ten years - Alex McLeish, Billy Davies, Stuart Pearce, Dougie Freedman, Mark Warburton, Aitor Karanka, Martin O'Neill, Sabri Lamouchi, and now Chris Hughton," Jordan continued.
"Chris Hughton knows his way around a football club but he must have known the job he was taking on.
"Chris has to look at himself but you also have to look at the underlying reasons. None of their recent owners can get this club in focus."
Jordan, the former chairman of Crystal Palace, believes the managerial turnover at Forest has gotten out of control, and it's the wrong time, wrong place for Terry to move in for his first management job.
He added: "They've had 18 first team coaches! Even I, who had nine over 11 years at Crystal Palace… 18 tenures, 18 coaches - that cannot give you any blueprint and they're all having varying levels of success for small moments of time or really big failures.
"If you've got an experienced manager like Chris Hughton, who is a very good manager, and he can't get this group going, how are you then going to give it to someone who has no experience?
"Yes, I understand John Terry has more experience than perhaps Wayne Rooney has, he has sat in the background and learned as a No.2, but that is a vast departure from putting him inside a football club that is a busted flush, that doesn't know where it's going and what it's doing, and you've got an experienced operator that can't get it together."
"Mark Warburton is now doing well at QPR, so why wasn't he fit for purpose at Nottingham Forest? They gave him nine months, and that's the point I'm making.
"You put John Terry into that situation, who doesn't have the skill set or the knowledge, how much time is he going to be given to let alone find his feet, let alone get on them?
"He's in the conversation because he's John Terry. I really like John Terry, a lot of people don't, but I like him as a bloke, and I loved him as a footballer.
"I want him to be given an opportunity, but this is one he needs to stay clear of. This is a landscape he can't succeed in."
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