Ajose is well down the pecking order at London Road and he spent the first half of the season out on loan at Crawley Town.
Peterborough boss Darren Ferguson is willing to loan out Ajose again with the former Manchester United youngster not in his immediate plans.
Bury boss Kevin Blackwell is desperate to bolster his squad as they battle to avoid relegation and he has moved to agree a deal to sign Ajose on loan until the end of the season.
Ajose had a spell on loan at Bury in the 2010/11 season, scoring 13 goals in 28 appearances for the Shakers.
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