33-year-old Hoult played eight games on loan for Forest earlier in the season before being recalled by West Brom after an injury to Chris Kirkland.
Kirkland is now fit again and Hoult is back to being third-choice at the Hawthorns.
Forest boss Gary Megson wants competition to Paul Gerrard in the Forest goal and a free transfer move for Hoult before Tuesday's deadline could still be on the cards.