The 25-year-old was recalled from loan at Bundesliga.2 side Vfl Bochum, but ended up making just three appearances, totalling a meagre 30 minutes of action.
Now, the Republic of Ireland international has been sent to Bloomfield Road as he seeks to help Blackpool avoid relegation in League One.
Speaking to the club website, Obafemi has revealed how happy he is to join the side where he cannot wait to get started.
“It feels great, and I’m thankful for this opportunity to play here.
“I’ve learned a lot about myself recently, and it’s a great time for me to come back to the UK. I’m here to score goals and try and help the side climb up the table and get to where it needs to be.”
What can he bring?
Head Coach Ian Evatt also spoke on the move and reveals what he can bring to the side in the second half of the season.
“Michael is very talented and for us to be able to bring in a player of his quality is really exciting.
“He has a history of scoring goals in the Championship and has Premier League experience too.
“He has a point to prove and is desperate to get back to where he was in his career not too long ago. That can only bode well for us."