The forward will be reunited with ex-Claret Shay McCartan, with whom he shared the golden boot in the 2011/12 Youth Alliance League.
Former Manchester City youngster Gilchrist, 20, has yet to make his full debut for the Clarets.
But he memorably scored a superb hat-trick against Manchester United at Old Trafford in the FA Youth Cup in 2012 as well as grabbing the winner against Stanley in the pre-season friendly at the beginning of the current campaign.
Speaking ahead of his loan, Gilchrist said: “The manager rang me up and said there was an opportunity for me to go to a League Two side on loan. I’m relishing the opportunity to play for Accrington. I can’t wait to get a few games in, hopefully get some goals and get some points on the board.
“It’s probably the closest club to Burnley so that’s good for me. Hopefully it’ll be easy for Burnley to keep an eye on my progress and I’m living in Burnley so that’s easy for me too. It’s a good move.
“I’ve gone to score goals. The manager here is a former striker so any advice he gives me I’ll be taking on board as I know it’ll be good advice.”
Pending league approval, Gilchirst could be in contention for Stanley’s game against Portsmouth at the Crown Ground on Saturday.