Paul Gallagher accepts his career at Leicester is probably over and is hopeful of making his loan switch to Preston a permanent one in January.
The once-capped Scotland international, 29, has from the Foxes, having had a temporary spell with the club in 2007-08.
"This is a good chance for me to come here and make something happen," Gallagher told BBC Radio Lancashire.
Forward Gallagher could make his debut against Tranmere on Saturday.
that he was willing to allow Gallagher, who has not featured at all for the Championship club this term, to depart on loan.
The former Blackburn Rovers man continued: "I've still got a good relationship with the people there [at Leicester] and the manager, but I've got to start looking elsewhere to play football.
"I want to stay [at Preston] as long as possible. I had a conversation with the manager at Leicester and he understands. I still live in this area so it is an ideal situation for me to hopefully do well and make it longer."
Gallagher, who scored once in 19 appearances during his first stint with the Lilywhites, has also been granted permission to play in Preston's FA Cup first round tie against non-league Barnet.