The 22-year-old will link up with Sean O'Driscoll's men ahead of their trip to Burton Albion on Saturday.
Wakefield, who has been with the Cherries since 2010, has already enjoyed a successful loan spell with League Two side Yeovil Town this term.
"This will give Josh a good, solid base to go and show what he can do," said under-21s coach Stephen Purches.
"Playing regular football in the league, especially League One, will allow him to hopefully produce the kind of performances that he wants to.
"Getting these lads league exposure is great for us, but it's also credit to them for their attitude and application in getting to this point.
“It’s down to Josh now to get his head down and continue to show what he can do as a player.”