The 26-year old former Blackburn Rovers striker joined Forest in August 2011 but has failed to make an impact at the City Ground in just 16 appearances.
Derbyshire joined League One Oldham Athletic on loan in September but his spell at Boundary Park is now finished and upon his return to Nottingham, he spoke of his desire to get settled at a club after plenty of moving about over the past few years.
"It's about getting settled as a family and settled at a club," Derbyshire told Oldham's official website.
"If I had two choices, my first would be to move permanently somewhere. But if not, if the door is open here (at Oldham) for a loan then I'll be straight back.
"It has been great at Athletic; I've enjoyed every minute of it. Everyone around the club has been fantastic with me and I've been made to feel really welcome.
"Everywhere I go I just try to do well. If the goals come, they come. But I don't think I'll be playing at Forest. All I can do is keep working hard."