Thompson joined Tranmere from Dale last summer and has scored twice in 22 appearances for the npower League One promotion-chasers.
Tranmere have the option to recall the 23-year-old after the first 28 days of his spell at Spotland.
"Joe needs games and due to injuries and the form of other players he's not played as much as he would have wanted here," said manager Ronnie Moore on Rovers' official website.
"This gives him the opportunity to play first team football at a club he knows very well."
- Sports & Recreation