McParland was given the boot earlier today after failing to live up to the expectations of the new owners so far this season - despite the club currently sitting in the playoff places in League Two.
The Magpies have been dogged with uncertainty this season after the summer takeover by a group of Arabian businessmen and the high-profile appointment of former England manager Sven Goran Eriksson.
But Trembling, who has been in talks with officials from the league over the weekend, said he is confident the Notts County saga is nearing an end and it will allow the club to move forward in its bid for promotion under a new manager.
'We have now provided the Football League with the additional information they requested last week and we hope to hear from them very shortly,' Trembling said.
'The club is encouraged by the free and frank spirit of its continuing dialogue with the Football League as part of which it is happy to make clear that it has severed all ongoing connections with Mr Russell King.'
King was revealed as a major player in the takeover of the club by investment group Qadback, but Trembling now says this stage in the deal is now over and King no longer figures at Meadow Lane.
'Mr King's involvement with the club was limited to a short period following the recent acquisition and pending the new board being put in place,' the chairman continued.
'All future decisions affecting the club are now squarely and exclusively in the hands of the board members.'
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