The striker has been at the Keepmoat Stadium since the end of August, scoring four goals in 19 appearances, and an agreement has now been put in place - although the transfer is not yet completed - ensuring his stay will become a permanent one in January.
Rovers manager Dean Saunders has also been given the green light to hand Andy Griffin and Sammy Clingan new contracts, while revealing James Coppinger will return from his loan stay at Nottingham Forest in January.
"We've secured a deal for Iain Hume," Saunders told Doncaster's official website. "We've just got to dot the Is and cross the Ts, it's not 100% over the line yet but we've agreed in principle that he's going to stay with us.
"Sammy Clingan's and Andy Griffin's contracts were up and needed sorting too. Whether we can agree a deal with them or not is another matter but I've got the go ahead from the board to extend their contracts.
"James (Coppinger) will be coming back from Forest, it was always a dilemma that when that happened would we be able to keep the three, but we've managed to rustle some money up without having to rely on the owner."
Saunders has also revealed he will be given further funds to spend in January, with the Rovers boss targeting "two or three more players" to plug holes in his promotion-chasing squad.