The 26-year-old makes the temporary move to Boundary Park from Nottingham Forest.
Derbyshire enjoyed spells at Ewood Park, Olympiacos and Birmingham before signing a three-year contract with Forest in August 2011.
He could make his Latics debut in their League One clash against Forest's city rivals Notts County.
Manager Paul Dickov said: "It is only two years since Matt was playing in the Champions League for Greek club Olympiacos.
"I have known Matt for a long time and I know he turned down a lot of other clubs to join us. He has a fantastic attitude and all he want to do is to play football."