The 32-year-old missed the start of the current campaign through injury and has found it hard to get back into the team, playing just one game - the 3-1 Carling Cup defeat against Ipswich at Portman Road.
Manager Ian Sampson told the club`s official website: "This is a good move for Craig. His attitude has been exemplary but he wants to be playing more games which is perfectly understandable.
"He missed the first two months of the season but he worked really hard to get back fit and when he came in for the Ipswich game he did a good job.
"Luton are going well at the moment and I`m sure Craig will do well for them.
"It`s a good opportunity for Craig to play some football, he is a model professional and I hope this move works out for all parties."
Source: PA
Source: PA