Highly-rated Chelsea youngster Chalobah returns to his parent club after an inconsistent spell on loan during which time he made 12 appearances for the Reds.
Goalkeeper Al Rashidi leaves after struggling with injury problems throughout the current campaign.
Forest, meanwhile, will host Preston North End in the FA Cup 4th Round after former Reds striker Joe Garner scored a hat-trick to settle Tuesday night's replay against Ipswich Town.
Prices have been set at £10 for the game which will take place on Friday 24 January, drawing a mention on the Affordable Football website (with another offer for members also in place for the upcoming game against Watford) and also from PNE fans on the Forest Mad Messageboard