League One leaders Nottingham Forest had accepted an offer for the 25-year-old - who joined Forest from Rochdale in January - after he fell out of favour with City Ground boss Colin Calderwood.
Holt, who has scored seven goals so far this term, spoke to Forest's rivals this week but has opted to remain in Nottingham.
"I want to stay and fight for my place at Forest," he said.
Sporting Life.