Cole, who moved to the Cottagers from Manchester United in January, completed the switch to stadiummk today and will go straight into the squad for this evening’s match against Oldham Athletic, subject to Football League and Premier League approval.
The 20-year-old, who can also play anywhere across the middle as well as at full-back, will wear the number 6 shirt during his time with the Dons.
"I'm really excited by this signing," Karl Robinson told mkdons.com. "We've been watching him for a while and he is a high-potential player.
"We had to react quickly to the Samir injury and he's exactly the type of player I want to bring to the Football Club - a player of quality, a player of note."
Quick and skilful, Cole joined Man Utd as a schoolboy before graduating through the Academy in 2010.
Cole, who was part of the United side which lifted the FA Youth Cup in 2011, was handed his senior debut by Sir Alex Ferguson as a 77th minute substitute in a League Cup tie against Leeds United in the 2011/12 season.
His good form continued into the 2012/13 campaign, with the Manchester-born starlet hitting a hat-trick in an FA Youth Cup semi-final against Liverpool before bagging a brace in a man of the match display at Old Trafford in the final.
Cole finished that season as United Under-21s’ top goalscorer and was also an unused substitute for the first-time in their Champions League defeat to Galatasaray in December 2012.
Clearly catching the eye of Rene Meulensteen, who held the position of first-team coach at Old Trafford that year, Cole became one of the Dutchman’s first signings as Fulham boss in January 2013.
Cole, who was named in the England Under-20 squad for the World Cup last summer, made his Premier League debut for Fulham against his former side last month, helping the Cottagers earn a 2-2 draw.