The 34-year-old has scored 133 goals in a much-travelled career, playing for the likes of Leicester City, Rangers, Derby County and Coventry City and many more.
His most recent stint was a return to the Rams last season, where he scored seven goals as the Pride Park outfit won promotion from Sky Bet League One.
With the likes of Callum Morton, Sam Hoskins and James Wilson all out injured, Tom Eaves struggling after suffering a facial injury at Lincoln in midweek and Tyler Roberts currently suspended, manager Jon Brady has turned to Waghorn to add some experience to his frontline.
“Martyn is a player with bags of experience and a lot of quality,” said the Cobblers boss.
“He has played in the Championship for most of his career and he will bring that knowledge and pedigree with him.
“The squad is stretched a little at the moment, both in terms of the number of players missing in forward positions and the busy schedule, and we feel Martyn can help us through this hectic period.
“He is another player who will be a good influence in the dressing room, we feel he is a good fit for us and what we need at this time and we are pleased to bring him in.
“We are very grateful to the board of directors for their support in allowing us to add to the squad again.”
The signing of Waghorn means the Cobblers squad has now reached the maximum number of players allowed under EFL rules.
The club have not confirmed if Waghorn will be available for selection for Saturday’s FA Cup first round date with Kettering Town.
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