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On 22 December 2014, Nikbakht signed a three-and-a-half-month loan deal with promotion-battling Iran Football's 2nd Division club FC Khoneh Be Khoneh until the end of the season. On 16 January, Nikbakht came on as a substitute in the 53rd minute and scored goal the match winner against Sepidrood.

On 1 July 2013, Nikbakht returned to Esteghlal after seven years, after signing a one-year contract.

In July 2012, he signed a one-year contract with Gahar but he was still banned to play in Iran Pro League due disciplinary actions.

He moved to Saba in 2010 and played in the first half of the season but for unknown reasons he did not continue with the team and there were rumours that again there has been disciplinary actions against him which prevented him to play in the top level.

He signed for Tractor Sazi in summer 2009 but for disciplinary reason he was not able to play for the first half of the season and his contract was canceled.

For the second half of the season 2009–10 he joined Steel Azin.

In January 2008, Nikbakht was invited to go on a trial with Sheffield United. He was the most influential player after Ali Karimi for Persepolis in 2008–09 season.

Another injury forced him be disqualified from Iran's squad for the 2007 Asian Cup, but he is back to join Team Melli in the 2010 FIFA World Cup qualification campaign.

In June 2006 he signed a two-year contract with Esteghlal's fierce rival, Persepolis which caused him to lose his popularity among Esteghlal fans. He played in the final of the Hazfi Cup for Persepolis and scored in first match but missed a penalty in the second leg. In the 2006–07 season in Persepolis, Nikbakht played as a forward, which made him score 8 goals in 25 appearances and have 8 assists in the league. In his second season for Persepolis, he won the league and had his best season of his career with 9 goals and 7 assists.

Nikbakht's performance in the national squad was instrumental in Iran's progress to the next WC qualifying round. However, his disciplinary problems has created difficulties for the national team coaches and he is often viewed as a primadonna. Nonetheless, his darting runs on the flanks and his pace continues to be a great asset for his team, and most fans will not forget his winning goal in a crucial World Cup 2006 qualifier against Jordan. He won the 2002 Asian Games and 2004 West Asian Football Federation Championship with Team Melli.

There had been rampant speculation that an in form Nikbaht would definitely make Branko Ivankovic's final 23 men list for the 2006 World Cup in Germany. Branko Ivankovic had himself alluded to this by stating that "I love Nikbaht" in an interview, but that his hitherto out-of-form play was the major impediment for him reclaiming his spot in Team Melli. Many had tagged him as the saviour for Iran's left-back defensive complications as he is naturally left-footed, good physique, quick with his feet, a goal-getter and a workhorse. Unfortunately for him, an old injury caused him to be crossed off the main squad heading to Germany, and he was instead placed on the reserves list.

Nikbakht Vahedi signed a four-month loan deal For the second half of the season 2004–05 with Al-Wasl. He scored his league with a goal 25 May 2005, 1–2 lose over Al-Ahli.

Nikbakht was instrumental in helping Esteghlal grab the 2005–06 league championship with an electrifying display in the win over Bargh Shiraz. The win resulted in Esteghlal (59 points) edging Pas (58 points) for the IPL championship.

He made his first appearance for Iran in a World Cup qualifying game against Guam in Tabriz in December 2000. He scored on his debut.

Alireza Vahedi Nikbakht (Persian: علیرضا واحدی نیکبخت ‎, born 30 June 1980 in Mashhad) is an Iranian former professional football player who last played for Khoneh Be Khoneh in League 2.