Barker moved for the 29-year-old with top scorer Billy Clarke currently sidelined by a hamstring injury.
The Red Devils boss told the club's official website: "Paul is just what we need at this stage of the season. He will bring experience and hopefully goals for the next few weeks.
"We don't want to let the season fizzle out. We still feel we can push for the play-offs and for that we perhaps need that bit more experience up front.
"With Billy Clarke out injured, we are relying on two 20-year-olds and two teenagers at the moment and although they have all played their part another option up there will we hope make a difference.
"I have always liked Paul. He works hard and he has an excellent goalscoring record. He's also experienced at this level and he is desperate to come down here and get a run of games under his belt."
Hayes could make his debut for the 11th club of his career against Yeovil on Tuesday night.