Both the Forest and Preston official websites report that a fee of £750k has been agreed for the transfer of Paul McKenna.

If we can sign him then I think it would be a good acquisition – someone who can add some composure and steel to the middle of the park, and the leader that we have been missing for several years (probably since Sir Desmond retired).
Update (16th July, 10.25am): Having just posted above I then found this article on the Lancashire Evening Post website – the comments are very interesting with a curious mix of “gutted he’s leaving”, “his best days are behind him” but a general agreement that Billy Davies is a “poisoned dwarf”. Even if his best days are behind him, I still think he will be useful in helping younger players like Lewis, Cohen and the Moose develop; as for the Billy Davies thing, no comment!

Comments
I think he will be a good signing, he always seemed to hypnotise the Forest defence whenever we played Preston!
Boom, and indeed, boom.