Derbyshire has found himself out of favour at Forest this season and the signing of Darius Henderson has pushed him further down the pecking order.
Former Blackburn star Derbyshire enjoyed a successful spell on loan at Oldham earlier this season, netting four goals in ten appearances for the Latics.
Oldham were keen to keep Derbyshire, but he returned to the City Ground at the end of his loan spell.
Forest boss Alex McLeish is willing to let Derbyshire go out on loan again as he does not figure in his first team plans and a number of clubs have expressed an interest in him.
However, Blackpool have moved quickly to try and tie up a deal to sign Derbyshire on loan until the end of the season.