The 22 year old is an ex-England under 21 international who played at Turf Moor before he stepped up to West Brom. Chaplow will go straight into tthe squad for Saturday's game.
Chaplow joins former team mate Darren Carter at Preston although carter who signed under Simpson is set to be interesting Leicester after a poor start to the season.
Irvine is set to make more signings with Chris Moore from Norwich set to complete a move later this week and other offers appearing to be in place.