The 28-year-old, who joined Forest from Greek outfit Olympiacos in 2011, may leave the City Ground when his current deal expires at the end of the season.
Derbyshire was loaned out twice last season and has only featured intermittently this campaign, although he has impressed Brazil in starting roles in the club's last two matches.
However, Brazil has conceded that it will be down to Stuart Pearce, who takes charge of the East Midlands club in the summer, to decide whether the striker is worthy of an extension or not.
"Will he get a new contract? That is a question for other people, probably," he told the Nottingham Post.
"But he is not doing himself any harm, whether his future is at this club or whether he earns the opportunity to go somewhere else.
"He is showing that he can score goals at this level. He has been bright since I started taking the team. He has shown a hunger and a desire to play. We have given him opportunities and, to be fair, he has grabbed them."
Derbyshire has scored six goals in 31 appearances for the Reds this season.