Enjoying a spell at Huish Park during the first-half of last season, the 20-year-old rejoins the Glovers from the Iron and is eligible for Saturday’s clash with Grimsby Town.
Netting seven goals in 28 appearances on loan from Southampton to attract attention from higher divisions, the powerful attacker spent the second half of the campaign back with Saints before signing a three-year deal with Scunthorpe in May.
Joining the Sky Bet League One ouftit, Olomola started in their opening day victory at Coventry City but heads back down south to link up with Darren Way’s side once again.
The green and whites lost just one match in which the striker netted with the Londoner helping to earn 15 points.
Recapturing the services of Olomola, Town’s boss told YTFC.net: “To make this signing reflects what we’re trying to achieve at this football club.
“Fela’s contribution during a six-month loan spell last season was phenomenal. He watched our game against Notts County recently and decided he was desperate to come back.
“The owner and chairman must take all the credit for this move coming to fruition.”