The 19-year-old Stafford-born stopper has been with the Blues Academy since 2008. In the summer of 2014 he signed his first professional contract with the club, which was a one year deal, with a further year option.
This latest loan spell is Preston's second time away from his parent club, following a previously stint with Conference North side Worcester City.
Telford are currently struggling towards the bottom of the Conference in 23rd place, some eight points from safety.
On Saturday the Bucks play host to another relegation-threatened team, Dartford.