"He will be officially unveiled in South Wales later today, and subject to Premier League and Football League ratification will join up with Dave Jones' side in time to make his debut at home to Doncaster Rovers at the weekend," Manchester City revealed on their official website.
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Cardiff have called a press conference for 3:30pm on Tuesday to uveil Bellamy, who will the No.39 shirt for the Bluebirds.
Manchester City boss Roberto Mancini revealed last week that Bellamy had been excluded from the Blues' squads for both the Premier League and Europa League this season.
"I'm thrilled to be coming back home to Cardiff and am excited at the prospect of wearing the shirt and playing for the club I've supported since I was a boy," Bellamy told Cardiff's official website.
"I'll be working hard with my new team-mates to bring success to the club and look forward to our next Championship game on Saturday. I'm sure that all City fans will play their part in driving us forward this year. It has been my dream to play my part in taking my hometown club to the Premier League, which would be fantastic for the football club, the city of Cardiff and Wales."
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Cardiff City manager Dave Jones added: "Bringing Craig to Cardiff is another big step in the development of this football club and I am delighted that he has agreed to join us on a season long loan. Like recent additions Jason Koumas and Seyi Olofinjana, Craig is a great talent and adds to the quality players that we have here.
"We will continue to work on taking the next steps as a club and hope that all Cardiff City supporters join us in welcoming Craig by turning up in high numbers this season."
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