The 23-year-old, who arrived at Anfield in January 2006 from MK Dons, looks set to be thrust straight into the action in Saturday's home clash with Brighton.
Luke Daniels was sent off during Monday's 1-0 home defeat at the hands of Stockport and serves a one-match ban this weekend.
Tranmere caretaker manager Les Parry said: "I'm really pleased to be able to bring a goalkeeper of David's quality in.
"Saturday's game is very important for us and with Luke Daniels being suspended we needed an experienced goalkeeper.
"David will give us that experience and much more as well. I'd like to thank Rafa Benitez and John McMahon for allowing him to come to us for a month."