Lingard who started his career in Manchester United Academy was released by Forest 12 months after he was made the club’s top earner.
Since moving to Forest last summer, the 30-year-old has failed to register a single goal or assist in 17 Premier League appearances for the club.
He was brought in on a one-year deal with basic wages of £115k per week plus incentives; with a possible one-year option in the deal.
Lingard left Manchester United, his boyhood club after his contract with the English giant expired. United showed a lack of interest to keep him after he failed to impress.
According to reports, the son of Forest owner Miltiadis Marinakis, was instrumental to Lingards huge deal with the club, causing the former England international to turn down the chance to return to West Ham.
Lingard However scored scored two goals and contributed two assists as Forest reached the League Cup semi-final.
He was later faced with some injury issues towards the end of the season, which kept him out as the club pulled out from the Premier League relegation zone.
Lingard will now be open to accepting offers from clubs who might pick interest in him.
Among other players released by the club include Andre Ayew, Cafu, Jack Colback, Jordan Smith and Lyle Taylor, while Keylor Navas, Dean Henderson and Renan Lodi have returned to their respective clubs at the completion of their loan deals.