McPhail has found himself overlooked at Elland Road, but has featured regularly in the Forest team this season and is keen for that to continue.
"I want to stay," McPhail told Forest's official website. "I want to make it clear to everyone, I've been so happy here and it would be a real disappointment if I had to leave.
"It's up to the gaffer and Leeds to try and sort something out, but I'm sure something will happen as I get closer to the end of my loan."
The Republic Of Ireland international has made 11 appearances and is currently two months into his three-month loan deal at The City Ground.