O'Donnell joined the Spireites last summer after being released by npower Championship neighbours Sheffield Wednesday.
He made his debut as a substitute in the Johnstone's Paint Trophy win over Oldham at the start of September, coming on to replace the injured Tommy Lee.
The 24-year-old played the following 15 games while Lee recovered before losing his place when the former Manchester United trainee regained full fitness.
O'Donnell is expected to make his debut for Stockport when they play Chesterfield's rivals Mansfield in their Blue Square Bet Premier fixture at Edgeley Park on Tuesday night.
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