Having signed for the Reds in the summer, the 20-year-old forward joined League One Wycombe in September and made 17 appearances in all competitions, scoring two goals and getting one assist.
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Gaining experience within a first-team environment, McNeilly returns to Forest after an important step in his development.
McNeilly was snapped up by Forest from Chelsea's academy over the summer.
His contract with Forest runs to 2028.