The 27-year-old, who has spent the last month at New York, had agreed to stay earlier in the week, but the deal was put in doubt after he limped out of Tuesday's abject defeat to Wycombe with a back injury.
However, after receiving positive news on the extent of the problem, Millers boss Steve Evans has resurrected the deal and could try and sign Frecklington permanently when his loan runs out in the New Year.
"I am relieved to have learned he will be missing from first-team action for no more than five or six days," Evans said.
"Frecks is a top player and an excellent professional who has been brilliant for me. He is loved by the Millers support as well as myself and we will be hoping we can now secure him on a permanent transfer.
"If everyone is sensible, and I am positive they will be, then I am sure we can get the transfer made permanent, but that is now down to those at a much higher level than me."
Meanwhile, Rotherham were rebuffed in their attempts to bring in Mansfield's George Pilkington on loan after the defender decided to fight for his place at Field Mill.