McSheffrey only returned to first-team action against Sheffield United on Sunday having been sidelined with tendonitis in his knee since mid-September.
With competition for places becoming increasingly competitive at St Andrew's as the season reaches its climax, manager Alex McLeish is keen to see the 26-year-old get some much-needed match practice under his belt.
Blues have inserted an instant recall option into the agreement which becomes active after midnight on April 4 should the Midlands outfit require his services again during the campaign.
McSheffrey joined Birmingham for £4million back in August 2006 and became an instant hero by firing 16 goals to help the club gain promotion to the Premier League.
But he struggled to find his form in the top flight and has been hit by injury this term.