The Black Cats are looking for a replacement for Mick McCarthy, who was sacked at the start of the week with his side eight points adrift at the foot of the Premiership.
Kinnear has been out of football since leaving Forest in December 2004 and is generally a 14/1 chance to get the Sunderland job.
His City Ground successor Megson is a 16/1 shot as he looks for a quick return to management.