Instead, McGoldrick will continue to train with the Tractor Boys ahead of making a permanent move to Portman Road in the summer when his contract at Forest expires.
The 25-year-old joined Ipswich in January, having spent the first half of the season on loan at npower League One club Coventry.
His 93-day loan with the Suffolk side ended on Saturday following the Tractor Boys' 1-0 win over Forest's east Midlands rivals Derby at Pride Park.
But McGoldrick, who has scored 21 goals during his two spells away from the City Ground, will not be recalled to play a part in Forest's Championship play-off push.
Reds boss Billy Davies, who signed Nottingham-born McGoldrick from Southampton in the summer of 2009, believes he has enough options up front with Simon Cox, Billy Sharp, Darius Henderson and Dexter Blackstock.
Marcus Tudgay is also close to full fitness after recovering from a dislocated shoulder.
Meanwhile, 19-year-old winger Josh Carson hs returned to Portman Road after sustaining a broken foot while on loan at League Two side York.