Frank Clark was able to achieve an imeediate return to the Premiership when the club finished Division One runners-up at the end of the 1993-94 season. Clark looked to be well on the way to re-establishing Forest as a leading team.

Forest's return to the Premier league was impressive as they finished third in 1994-95 and qualified for the UEFA Cup - their first entry to European competition in the post-Heysel era. The 1994-95 season was a great one as far as Forest were concerned as just about every team promoted into the Premier League are almost certain favourites to be relegated the following season. One of the many highlights of the 1994-95 season was a great victory over Manchester United at Old Trafford, with Steve Stone and Stuart Pearce scoring the goals, a game fondly remembered by Forest fans of that period. players such as Stan Collymore, Stuart Pearce and the Dutch international Bryan Roy were among the most feared players in the Premiership. But Collymore was sold to Liverpool in June 1995 for a then English record fee of £8.4 million, and his £2 million Italian successor Andrea Silenzi was considered to be a disappointing signing. With Collymore gone, Forest's goals dried up in the Premiership during 1995-96 and they finished ninth - although they did reach the quarter-finals of the UEFA Cup, making them the only English team to reach the last eight of any European competition that campaign.

Clark added Welsh striker Dean Saunders and Croatian defender Nikola Jerkan to Forest's squad for the 1996-97 season, but they started badly and it became a battle to avoid relegation. With no signs of that battle being won, Clark was dismissed in December and 34-year-old captain Stuart Pearce was installed as player-manager on a temporary basis.