Mclean, a Posh player between 2006 and 2010, has returned to London Road on a deal until January, with his parent club having a 24-hour recall clause after the first month of the loan.
Mclean is out of favour at Bradford, where he is just 10 months into a two-and-a-half-year contract. However, the 31-year-old missed the whole of pre-season through injury and has been limited to seven league starts since.
Bantams boss Phil Parkinson said: "It's a good move and I'm pleased for Aaron. It's a good opportunity for him to go down there and get some games.
"Peterborough expressed an interest as soon as we made him available and that's where he preferred to go.
"A few clubs came in for him straight away but it's taken a bit of time to get the deal agreed with Peterborough. I hope he does well there."
Peterborough signed Mclean from Grays Athletic following an initial loan spell. He went on to score more than 80 goals for the club during a four-year stay, helping Posh win back-to-back promotions from League Two to the Championship.
After leaving to join Hull, loan spells at Ipswich and Birmingham followed before Mclean signed for Bradford in January of this year as a replacement for Nahki Wells but he has managed just six goals in 33 league appearances.