Colback is out on loan at the City Ground having been told last year that he had no future at Newcastle under Rafa Benitez.
Forest do have an option of turning the deal into a permanent one but there is also the possibility that Benitez leaves and Colback finds himself in the plans of a new manager, says the Evening Chronicle.
“In terms of long-term future, it is really early for me to be deciding these things," he said.
“I am not exactly sure, to the nth degree, what the agreement is with Newcastle. I will certainly have a look at that.
“I think your opinion that he has been one of the better players this season is pretty well the same thought around the dressing room as well.
“I have not got into the contractual details of his situation, but I will look at this situation in the near future."