The Zimbabwe captain will spend the remainder of this season at Lokeren who are fighting relegation and the loan deal does not include the option of a permanent move.
Having played just eight games, including just three starts, and scored one goal, Musona appeared frustrated and was being linked with a move back to South African giants Kaizer Chiefs for a third stint.
But he opted to stay in Belgium and is almost assured for game time at Lokeren who are at the bottom of the Belgian First Division A and are battling for survival.
Musona was due to start training with his new teammates on Thursday and could make his debut against Eupen on Saturday.
While he has been struggling for life at Anderlecht, his captaincy of the Zimbabwe national team flourished with the Warriors just a point away from qualifying for the 2019 Africa Cup of Nations.