Lowe excelled in the opening half of the season after joining until January during the summer window.
Derby County initially decided against extending the player’s deal with manager Frank Lampard short of options at left-back.
However, the former England international wants Lowe to receive first-team opportunities elsewhere as he turns his attentions towards signing his old Chelsea team-mate Ashley Cole.
Manager Derek McInnes expressed his delight that Lowe has been allowed to return to Scotland’s north east.
He said: ““It’s brilliant news.
“We were looking at a number of left-backs but when the opportunity arose to bring Max back it was one that we were keen to pick up where we left off.
“We didn’t want to lose him in the first place.
“He showed everyone the potential he’s got earlier in the season and we hope we can get that and more from him more during the second half of the campaign.”