Robins fans will be familiar with Rushton, who joins from GAP Connah's Quay, after he spent the 2011/12 season at the club on loan from Wrexham, scoring 13 times in 28 appearances.
The 24-year-old front man becomes one of the first signings of the January window, and Chris Hughes is delighted to have bolstered his attacking options going into the second phase.
He said: "We have him until the end of the season, he is a goal scorer, and it will fit into our side.
"We have been a little bit light going forward after being hit by injuries, and we lost Craig Williams to injuries before that.
"Nick is familiar to the club, the fans will remember him fondly from his first spell here because he did so well for Newtown.
"So we are hoping he will make a similar impact this time around.
"I would also like to thank Andy Morrison for helping the deal go through."
Rushton first burst onto the Welsh Premier League scene in 2010 on loan at Airbus, before a spell with the Robins, where he featured in the side that reached the 2012 League Cup Final.
After returning to Wrexham, further loan spells at Barrow and Hednesford followed, before the striker left the Racecourse Ground to sign for the Nomads in May 2015.
He has made 30 appearances so far, and was part of the squad that progressed in the Europa League in the summer.
Speaking following his loan move, Rushton said he was looking to start where he left off in his last spell, but getting back among the goals for the Robins.
He said: "As soon as I knew Newtown were interested, it was quite an easy decision to make.
"I haven't been playing much at Connah's Quay, so this is a good chance for me to get games and hopefully get back among the goals like I did when I first came here."
Chris Hughes has been busy in the transfer window
The club can also confirm that winger Joe Kenton has signed from Midland Football League side Tividale FC.
The 18-year-old winger has been training with the Robins in recent weeks, after spending the first half of the season with the Midlands club. Kenton, described as a direct and pacey winger spent seven years with Wolverhampton Wanderers, before a two year spell on a scholarship at Shrewsbury Town.
Hughes added: "He is another young lad coming in, he has got pace which we need.
"He has come highly recommended to us, and we look forward to seeing him out there on the pitch."
Also becoming part of the first team fold is youth team defender Jordan Jones, who spent time training with the first team in the summer. The Robins boss also said the club were on the lookout for more options to bolster the squad before the end of the window.
"We have strengthened in areas we needed to, and with two signings coming in we hope that will pep us up a bit," he added.
"We are also looking at other targets to bring in."