The Brian Clough Statue Committee is being backed by Forest, the Forest Supporters' Club, the tribute website brianclough.com and the fanzine Blooming Forest.
The Clough family have also given their backing to the appeal which will see a statue erected in the City Centre.
Committee chairman Paul Ellis told the Evening Post: "After months of hard work behind the scenes, we're ready to start the fund.
"There's been a tremendous reaction and we hope people will take the campaign to their hearts, just as they did the great man himself."
Go to www.brianclough.com for more details