Wigan made the announcement on their official website.
Balogun joined Wigan on loan on deadline day from Premier League club Brighton and Hove Albion after struggling for game time.
He only made two appearances for Brighton this season which were in the Emirates FA Cup and the Carabao Cup.
He could make his debut for Wigan when they host Preston North End in Saturday’s Championship early kick-off.
Wigan are currently in the relegation zone on 22nd position in the 24-team league table, two points away from safety.
Balogun signed for Brighton and Hove Albion in 2018 and made his debut in a 3-2 home victory against Manchester United, coming on as a substitute in the 20th minute.
He made 10 appearances for the Seagulls in 2018-19, scoring his first goal in England in a 3-1 victory against Crystal Palace, a well-taken volley from a corner kick in December 2018.