McCormick was once highly rated within Forest's academy, and is said to have had Premier League interest before now.
But it remains to be seen what the future holds for the player, after he announced on Twitter that he is 'looking forward to training with Levante' - who sit a place and five points above La Liga's relegation places with six games to play.
Neither Nottingham Forest nor McCormick - who has played for both the club's under-18 and under-23 sides this season - have yet to provide any formal clarification of the teenager's situation, although the most likely scenario is that McCormick is being released.
It is not uncommon for clubs to make early decisions over young players' futures, giving them more time in which to win contracts elsewhere.
An example of this process occurred recently when Forest ran the rule over Brighton and Hove Albion's Isaac Hutchinson and Norwich City's Alan Fleming.
Would Nottingham Forest regret letting McCormick go?