The deal has been held up while both clubs come to some agreement over wages and how much Derby will pay.
20-year-old Holmes made his debut for the Rams back in 2002 when he was only 15 years and 297 days old against Grimsby Town in the Championship.
Although the player has shown a lot of promise he has only made 29 appearances for Derby. Holmes has had loan spells with Swindon Town during the 2004/05 season and then had a loan spell last season at Bradford City in which he impressed at Valley Parade.
During the summer Holmes had a trial with Dutch side NAC Breda and has also been linked with a similar loan move to Huddersfield Town.