The highly-rated central defender, who played against Dale in the 2-2 draw between the two sides on Saturday, will link up with Keith Hill's side until January 5th 2014.
An international with England up to Under-19 level, O'Connell has quickly progressed through the ranks at Rovers since joining in the summer of 2011. Playing a key role in his first year at the club as the Under-18s reached the finals of both the FA Youth Cup and the National League.
After spending the majority of last season out on loan at fellow League Two sides Rotherham United and then York City, the left-footed defender has gone on to gain first team experience with Rovers this pre-season, making appearances against Wrexham, Crewe and Rochdale.
O’Connell is eligible to play in all cup competitions with Rochdale during his stay at Spotland.