Bacon, 23, scored an incredible 45 goals last season for Bottesford Town in the Northern Counties East Premier Division.
A club statement said: “The Club is looking forward to Declan strengthening the strike force over the next few weeks and making a big impact in front of the supporters at Dronfield.
“Our thanks to all at Alfreton Town FC for their help with this loan deal.”
Sheffield are in EVO-STIK League East Division action at home to Stamford on Saturday.
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