The 29-year-old, who joined the Reds from Fulham last summer, is expected to go straight into the squad to face Coventry at the Ricoh Arena on Tuesday night.
Konchesky has struggled to break into the side since former boss Roy Hodgson was replaced by Kenny Dalglish and looked unlikely to add to the 15 Premier League starts he had made this season.
Forest would have preferred to take Konchesky on loan for the remainder of the season but have had to settle for a 93-day loan.
However, because the player has already been involved with Fulham and Liverpool squads in the Premier League this season, he is unable to sign for a third club unless it is on an emergency loan basis.
Source: PA
Source: PA