Parkes has agreed a deal and links up with fellow Fox Cian Bolger, who has been on loan at the Memorial Stadium since the start of the season.
Parkes spent the first half of the campaign on loan at Burton but his stay at Albion was plagued by an ankle injury.
The 20-year-old could make his debut for Rovers when they host Morecambe on Saturday.
Manager Mark McGhee told the club's official website: "The injury to Aaron Downes left us with only two experienced centre-halves so we wanted to bring someone in to strengthen that position.
"We were aware of Tom Parkes and, having spoken to Leicester, we all believe he is a great option for us. He already knows Cian Bolger as the two have them have developed together at Leicester and get on well, so they will be able to get off to a flying start."
