Rangers boss Steven Gerrard had been linked with a raid on former club Liverpool following his appointment at Ibrox, and he has now sealed the temporary signing of the 20-year-old.
Ejaria, who has been with Liverpool since 2014, spent last season on loan at Sunderland, but insists that his target remains to break into the first team at Anfield.
"It's a really great feeling. I've been at Liverpool for four years now and I'm just really happy to extend my stay here," the 20-year-old told Liverpool's official website.
"It's a massive club, the club's doing really well at the moment, so it wasn't a hard decision at all.
"I'm just going to keep working hard and see where that takes me. I really want to be a regular at Liverpool Football Club, a massive club, so that's my aim."
Ejaria has made just eight first-team appearances for Liverpool, all of which came during the 2016-17 campaign.