Xabi Alonso claims no Premier League offers were put to him before leaving Real Madrid for Bayern Munich.
Blackpool have signed Rochdale full-back Tom Kennedy on loan, while Tangerines striker Francois Zoko has joined Bradford.
The Sky Bet Championship club, whose manager Brian McDermott worked with the Mali international at Reading, have the option of a permanent deal in the summer.
McDermott actually scouted Kebe at Reading and later worked with him as a manager, winning promotion to the Premier League in 2012.
"Jimmy is a player that I scouted from France in 2006. He has fantastic pace, he is a real team player, and he made and scored goals for us in the Championship and the Premier League. I'm delighted he's come on board and I'm really looking forward to working with him again," McDermott said.
Kebe joined Palace in the summer but has failed to make an impact and has been restricted to six appearances this season.