Teggart will make his debut in the League Two game against Darlington on New Year's Day.
He spent three months on loan at the Quakers last season, failing to find the back of the net in his 15 appearances.
The Northern Ireland U-19 international is highly rated at the Stadium of Light, and finished as top scorer in their youth team in the 2002-03 season.
He has been given permission to play in the FA Cup tie against Chelsea at Stamford Bridge.