The club hope to complete a permanent deal on Monday but he goes straight into the squad for the big game against Eddie Howe's in-form Clarets.
The 22-year-old, who has scored nine goals for the Sky Blues this season, is delighted to join Tony Mowbray's promotion campaign and the manager is equally pleased with his new recruit.
Mowbray said: "We've been looking for some physicality in the front areas of the pitch. We do get enough balls into the box but with total respect to Marvin Emnes and Scott McDonald, they're not 6ft 2ins with aerial dominance who can tower over people and head goals.
"I think this player has that first and foremost, but he also has a nice left foot, technicality, mobility and appreciation of the ball. He's still very, very young and he's got a lot to come. So there's a lot of potential in this player."
Southampton-born Jutkiewicz was with his hometown club as a schoolboy but began his first team career with Swindon Town, where his goals helped win promotion to League One in 2007.
His form alerted the attention of Premier League scouts and let to a £1m move to Everton that summer, when he was still a teenager.
He enjoyed a brief loan with Plymouth Argyle before making his only Everton appearance as a substitute in a 3-0 victory over Sunderland in December 2008. Further loan spells followed with Huddersfield and Motherwell, where he netted 12 goals in 27 starts.
Jutkiewicz joined Coventry for an undisclosed fee in July 2010, signing a three-year contract. Nine league goals in 34 starts and eight sub appearances followed in his first season for the Sky Blues and he has already matched that tally in just 25 games so far this season - including a late leveller in the 1-1 draw between the sides at the Riverside.
In addition to being eligible to represent England, Jutkiewicz also qualifies to play for the Republic of Ireland through his Irish grandmother and Poland through his Polish grandfather.