Gerrard, 31, has had experience in Division One following a loan move to Sheffield United this season but has fallen down the pecking order at Goodison behind Nigel Martyn and Richard Wright.
Both players should be in the squad to face Crewe at the City Ground on Saturday 27 March.
The Toffee goalkeepers' loan move has scuppered any potential loan bid for Fulham's Mark Crossley.
Crossley told Fulhamweb.com: "I am injured at the moment but I would certainly be willing to come back on loan, but because I am contracted at Fulham it is out of my hands,"
He added: "But they wouldn't have to ask me twice to go back."
Kinnear also made an audacious bid to bring former Forest favourite David Prutton back on loan from Southampton.
He told the club's official website: "I have tried to get one of our ex-players back who is at Southampton but I haven't had too much joy with that."
Prutton, who has only started 22 games for The Saints, left The City Ground in January 2003 for £2.5m.
Matthieu Louis-Jean was supposedly on the move to West Ham United for around £250,000 until Kinnear rubbished any sale by claiming Alan Pardew wouldn't even buy Matthieu's jock-strap for that price.
All-in-all it's been a busy day down on Trentside...