Derbyshire has made just 16 appearances for Forest since signing for the Reds in August 2011 and was sent out on loan to Oldham in September by boss Sean O'Driscoll.
The 26-year-old scored six times in 20 outings for the League One side before last week returning to his parent club, where he does not expect to feature in O'Driscoll's plans.
Derbyshire admits he would prefer a permanent move at this point in his career but he has not ruled out the possibility of another loan spell at Boundary Park should no offer arrive in January.
"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."