The 25-year-old has scored 11 goals and has four assists in 24 appearances for the League One Pirates this season.
He is not cup-tied and could make his debut for the Lilywhites in the FA Cup against Wycombe on Saturday.
Boss Alex Neil told Preston’s official website: “Over the last couple of years he’s been averaging double figures of goals which is obviously something we are looking to add to the squad.
“I think he’s at a great age as well, he’s still got his best years ahead of him and he’s got the technical quality at the top end of the pitch to hopefully make a difference for us.
“We need more competition in that top area. He’s left footed which is different to the rest of our forward players as well so he brings goals, creativity and he’s been great for Bristol Rovers over the last two or three seasons, so I think this is hopefully the right step in his career for him.
Bodin said: “It is something I have always wanted to achieve, to play in the Championship, and for me it is a great level of football and hopefully I can come in and help the team as much as I can.”
Watford boss Javi Gracia does not think Abdoulaye Doucoure's form will be affected by his omission from France's latest squad.