The highly-rated teenager has been at the City Ground since November 25 as Arsenal look to get him match-fit again after nine months out with a broken leg.
However, the postponement of Forest`s last two npower Championship matches means Ramsey has managed just 30 minutes as a second-half substitute in the defeat at Leicester.
He can now only play in five more games before his loan ends on January 3.
"When we get closer to the time, we will look at that option and the possibility of trying to extend his loan," Forest boss Billy Davies told the Nottingham Post.
"That would be nice because he is an exceptional talent. You can see that in how he handles himself.
"He would be a superb player for Forest to have (for longer) but the most important thing is to enjoy the period we have with him and once we get closer to January, we will look at it again.
"He has been a pleasure over the last fortnight. He has settled in very well and is itching to play."
Source: PA
Source: PA