Panzo signed for the Tricky Trees in the winter window last season, but did not feature regularly in the Championship in the latter half of the campaign.
The defender made just a singular appearance in the Championship, but did take to the pitch six times for the Under-23s, scoring one goal.
With the Tricky Trees promoted to the Premier League, he could be set for his first season in the top flight, but he may also spend it away from the City Ground.
Panzo has become the subject of interest from clubs trying to loan him this summer and it remains to be seen how the Tricky Trees respond.
As he spent the previous campaign playing mostly for the Under-23s, he could be in line to do so again in the upcoming season.
However, the lure of first-team football on loan may attract him to leave the Tricky Trees temporarily this summer.
Nottingham Forest are also in the market for a centre-back this season, with Mainz star Moussa Niakhate of interest, and signing one this window would add further competition for first-team places.
