Brighton midfielder Ryan Harley has joined MK Dons on loan until the end of the season.
The Seagulls star, 27, passed a medical over the weekend and could make his debut against Notts County on New Year's Day.
He will be available until 31 May which means he would be available for the play-offs if the Dons make it.
He has made 21 appearances, three off the bench, this season, and he has scored twice for the Seagulls since joining from Swansea in August 2011.
He could be joined at MK Dons by striker Izale Macleod, who is in talks with the club after leaving Portsmouth.
The 21-year-old spent the first half of this season on loan at AFC Wimbledon, making 13 appearances before returning to The Valley.
The Charlton youth product came through the ranks and has also enjoyed loan spells at Eastbourne and Ebbsfleet.
Manager Graham Turner told Town's official website: "He is a big strong central defender who has had experience in the Conference and has spent the first half of the season on loan at AFC Wimbledon, and Charlton were keen to move him up a grade.
The defender, who has only made four first-team appearances for Chris Powell's men, is expected to be available for the New Year's Day trip to Coventry, with the club having sorted the paperwork on Monday.
Former West Brom youngster Elford-Alliyu, 20, impressed during a loan spell at Gigg Lane last season, scoring twice in four starts and nine substitute appearances.
He joined the Shakers on a free transfer in the summer but has not started a game since the League One opener against Brentford and made the last of his four substitute appearances in October's 1-0 home defeat to Swindon.
A brief statement on the Bury website read: "Our thanks and best wishes for the future are extended to Lateef."
