Gnanduillet has rejoined Blackpool merely two months after he left the League One club to join Bakgaga.
The 26-year-old was never formally registered as a player for the South African topflight side as they had exceeded their foreign player quota.
"We were disappointed when he left because he was making progress in terms of how we see him and how we want him to play," manager Gary Bowyer told the club's website.
"Hopefully he can build on that now and continue to show the form and improvements we know he's capable of."
The towering striker scored 11 goals in 57 games in his first stint with the third-tier English side.