Having impressed with Hull City during the second half of last term, scoring seven goals in the Championship to help the Tigers ease any relegation fears, the Welshman attracted significant interest this summer.
Liverpool tied Wilson down to a new contract earlier this month before discussing another temporary departure to help the 21-year-old gather more experience.
A season-long loan move to Frank Lampard’s Derby was then confirmed on Tuesday.
“I was delighted to sign the new deal. To sign a new deal with a club as big as Liverpool was brilliant for me,” Wilson explained to RamsTV.