The 22-year-old joined the Hatters as a free agent in November, having turned down the offer of a new contract at fellow Championship club Reading in the summer.
Osho spent December out on loan at National League side Yeovil Town, before returning to Kenilworth Road to make his Luton debut in the FA Cup third round win over the Royals, the club where he came through the academy and made ten senior appearances.
He will now gain more valuable experience helping Rochdale in their attempt to climb the table in the EFL’s third tier.
Good luck up at Spotland, Gabe!