Crvena Zvezda were able to silence the sold-out crowd at Partizan as Nedovic sank a baseline three-pointer in the final two seconds of the match to complete the 76-73 win.
This was the first ever Belgrade derby in the Euroleague and it certainly delivered plenty of drama in the Serbian capital.
Ironically, match-winner Nedovic endured a frustrating night when it came to shooting. The 31-year-old missed his previous six three-point attempts before sealing the last-gasp winner.
The player closed out the evening with a game-high 20 points as his side battled back following a slow start.
Partizan, who were roared on by 17,000 fans at the Stark Arena, raced 16-4 ahead and appeared to be cruising.
However, strong performances from playmaker Luca Vildoza and centre Hassan Martin sparked the much-needed turnaround.
Speaking after the match, Nedovic told Euroleague: "What can I say? I think it's the best feeling ever for sure.
"We got the chance to win with the last shot of the game and we took it. I couldn't make a shot all evening but I was 100 percent sure I would make the last one."