Keane will remain with the Rams until January 2, 2014 and the England Under-21 international will go straight into Steve McClaren's squad for the Sky Bet Championship fixture against Wigan at the DW Stadium on Sunday.
The 20-year-old centre-half enjoyed a successful loan spell in the second tier last season with Derby's East Midlands rivals Leicester.
He made 27 appearances for the Foxes - all starts - and scored three goals as Nigel Pearson's men reached the play-offs.
Derby's chief operating officer John Vicars said via Twitter: "Eight other clubs after Michael Keane today and he's coming to Derby thanks to Steve Mac and (technical director) Chris Evans."
Meanwhile, Rams striker Callum Ball has joined Notts County on loan, linking up with Derby team-mate Kieron Freeman who earlier this month linked up with the League One club.