Still only 29, the striker has been a regular goalgetter throughout his career and arrives from MK Dons on a deal until 4 January after making 21 appearances to date this season, the majority as a substitute. He netted twice on a rare start recently against Halifax in the FA Cup.
"He has always done well against my sides in the past," manager Aidy Boothroyd told the official NTFC website.
"He will add another dimension to our attack and pose a real threat to our opposition."
Mcleod moves into Sixfields on the same day that Ben Tozer was allowed to join League One side Colchester United on loan for a similar period.
Source: Cobblers Mad