The former Blackburn man's signing was seen as something of a coup for Forest when he returned from a spell playing in Greece but, in keeping with some of the managerial turmoil at the club since his arrival, Derbyshire struggled to make much of an impact.
That led to loan spells away from the club last season and a general expectation that he would leave permanently this summer as Davies pursued other striking options.
But a goalscoring pre-season (with another strike notched against Antwerp in Saturday's friendly) may see the player play more of a part in the Reds' squad than previously anticipated.