Rovers boss Michael Appleton moved to bring the 19-year-old back to Ewood Park after Bradley Orr and Adam Henley picked up injuries.
Kane made four appearances for the Championship club in his first stint.
"It is great to be back here, I'm really looking forward to it," Kane told Rovers Player.
"It was a great experience being here the first time. I really enjoyed it, I got on well with all the lads.
"I watched the game against Millwall at the weekend and saw Bradley and Adam get injured so I did have a little thought that they might bring me back, and here I am."
The England Under-19 international is still awaiting his first-team debut at Stamford Bridge but enjoyed a month-long spell at Preston earlier on in the season, where he made five appearances.