Vale confirmed earlier on Monday that the 19-year-old Irishman would be returning to Home Park having seen his month-long stay come to an end following Saturday's defeat at Notts County.
However, there has now been a U-turn and McCrory will be available for Tuesday night's clash against Accrington.
Manager Micky Adams told the club's official website: "We thought we had lost Damien, which was a shame, as I believe he adds something for us.
"We had put everything in place for him to return to Plymouth and as far as we were concerned he had left the club.
"However, Plymouth have now kindly agreed to loan him to us for another month on the terms of the original deal, which I am delighted about."