London born Odelusi, 20, joined Karl Robinson's League One side last month and has started four matches, though has yet to find the back of the yet.
Odelusi signed an extension to his Bolton Wanderers contract in October 2013, with it now due to run until 2016.
News of the extension came soon after he scored his first goals for the club in the Capital One Cup victory at Shrewsbury Town, though despite several appearances from the bench he is yet to start a league match for the Whites.
The new loan agreement will now finish after the final day of the Football League season on Saturday, May 3. Should MK Dons make it into the Play Offs then the deal can be extended further.