The 22-year-old forward has made 12 appearances for the League One leaders to date, scoring in the 2-2 draw with Portsmouth last month.
"I'm pleased to be able to keep Michael for the rest of the season," said Rovers boss Ronnie Moore on his club's official website.
"His pace is a weapon for us and his work-rate is fantastic. He adds to our attacking options as he can play out wide on either wing and down the middle.
"I'd like to thank Bolton Wanderers for letting Michael stay and hopefully they feel he is improving in his time with us."