Gallagher is scheduled to remain at Deepdale until January, and the Scottish international has revealed that he has already spoken to his parent club about signing a permanent deal.
The 29-year-old told BBC Radio Lancashire: "This is a good chance for me to come here and make something happen.
"I've still got a good relationship with the people at Leicester and the manager, but I've got to start looking elsewhere to play football.
"I want to stay at Preston for as long as possible. I had a conversation with the manager at Leicester and he understands. I still live in this area so it is an ideal situation for me to hopefully do well and make it longer."
Gallagher netted once in 19 appearances during a similar period with the club in 2007.