The free agent has been with Forest from the beginning of pre-season in early July, and has featured in friendly matches as a starter.
Forest had beaten off interest from Leeds, as reported by The Sun, to get Maynard in.
He was released from Cardiff City at the end of June, for who he had made only 10 appearances last season.
The striker is attempting to get his career back on track after struggling badly with injuries over the past few years.
Prolific form for Bristol City five years ago earned him a move to West Ham, and the chance to play Premier League football, but he could not make an impact with the Hammers.
Now 28, missing out on a Forest move is a blow to Maynard's personal ambition, but the chance to get fit and play a part will stand him in good stead for a further opportunity elsewhere.
Forest have limited options due to a transfer embargo, and could do with reinforcements up front with star man Britt Assombalonga out injured until the new year.
Here is a look at how Forest fans reacted to the news via Twitter...
I really rated Nicky Maynard but goes to show 1 bad injury some players never the same #nffc— Domenic Brunetti (@domthered) July 28, 2015
Maynard not offered a contract. Great news, we are finally learning not to offer contracts to has been injury plagued players. #nffc— Barnesy (@jbnffc) July 28, 2015
Always been of the opinion we could get better on loan than Maynard, but we do need a striking option at least until January #nffc— Steve (@mistrollingin) July 28, 2015
Happy we haven't offered Maynard anything.. most injury prone player out there.. last thing we need is another sick note on the books #nffc— Sir Barry (Bazza) (@1BarryBazza) July 28, 2015
Disappointed we're not giving Maynard a contract, I was at the Swansea game and he looked energetic & good at closing down defenders #NFFC— Kieran Towers (@kieranthekiz) July 28, 2015
Disappointed Maynard hasn't been offered a contract ESP as we are in need of a striker, but I trust Dougie's judgement #nffc— Adam (@Green_Adz87) July 28, 2015
Not offering Maynard a deal seems a bit of a strange one but wish him the best of luck. #nffc— Bala #36 (@DizzyBala) July 28, 2015
Shame about nicky maynard wudve like to have seen the lad given a chance ! ah well in Doug we trust #nffc— Ash (@SiD996) July 28, 2015