Grealish, 19, has been included in the Villa first team squad this season, and despite Paul Lambert's side scoring just 11 goals in 22 Premier League games, he's rarely been called upon.
With no starts and just 211 minutes to his name in the Premier League this season, the teenager is firmly on the fringes of the Villa side - and his run-in with manager Lambert last week won't have done him too many favours.
A loan deal looks like being the best solution for all parties right now, and he could be returning to familiar surroundings before the transfer deadline.
Grealish spent most of last season on loan at Notts County, and just across the River Trent is Nottingham Forest - which could be his new home.
The Nottingham Post suggest that manager Stuart Pearce is interested in a loan deal for Grealish, and the Republic of Ireland youth international is his top target.
However, the deal depends on what Villa can do in the coming days. The Nottingham Post believe that Grealish's move to the City Ground hinges entirely on whether Villa can wrap up a deal for Manchester City winger Scott Sinclair.
The 25-year-old is believed to be on the verge of a loan deal at Villa Park, but until that deal is completed, Forest won't be able to sign Grealish - and they'll be hoping that both deals get over the line before Monday night.