An initial 93-day agreement is due to come to a close after Saturday's trip to Blackburn Rovers.
Waghorn will then be due back at parent employers Leicester City, where he will remain until the January transfer window opens.
Lomas intends to return for the 23-year-old in the New Year and hopes he will receive the required backing from his board to complete the purchase of a player who will be out of contract next summer.
He said: "It goes without saying that I'd love to keep Waggy, but obviously that's down to the chief executive and chairman.
"He is in the prime of his career at 23 and is the type of player we want to keep around. I've told Waggy that we want to keep him."
Asked whether he would consider another short-term loan, Lomas added: "No, I want to take him full-time. That is the kind of deal we should be doing.
"He can play in various attacking roles - up front and out wide - so we would be mad not to want him.
"If he comes in and bangs in a load of goals, you could potentially sell him for a lot more money."