The Dons had been in discussions with the Championship side last month about extending the 21-year-old's loan after he impressed in 19 appearances.

But he returned to Pride Park, starting in a FA Cup draw with Southampton and a 2-0 league loss to Leeds United.

Dons boss Derek McInnes hopes Lowe will "pick up where we left off".

"It's brilliant news," he told Aberdeen's website. "We were looking at a number of left-backs.

"We didn't want to lose him in the first place.

"He showed everyone the potential he's got earlier in the season and we hope we can get that and more from him during the second half of the campaign."

Lowe goes straight into the Aberdeen squad for Saturday's Scottish Cup fourth-round meeting with Stenhousemuir.

Meanwhile, Derby are in negotiations with 39-year-old Cole, who was released by Los Angeles Galaxy in November and is a former Chelsea team-mate of Derby manager Frank Lampard.

Lampard told his club website: "Max is very much our player and remains in our long-term plans, but we felt for his long-term development it was important for him to continue to get regular first-team matches.

"Aberdeen is a fantastic place for him to do that. He has really progressed under Derek McInnes and we have a great relationship with him.

"It'll be good for Max to get more games under his belt and return to us in the summer ready for next season."