The former Swansea City striker has started 29 games and made 31 substitute appearances for City since his £1m transfer in August of 2007, scoring 8 goals.
The loan is for a month until February 9 and he will go straight into the squad for tomorrow's game against Carlisle.
Grayson said: "Lee is a proven goalscorer. He brings something a bit different, and he has a great track record. It's good competition for places and he is a good acquisition to the squad."
Trundle was a late entry into professional and league football, playing for non-league teams Burscough, Stalybridge Celtic, Southport, Bamber Bridge and Chorley before joining Rhyl in 2000.
Wrexham then signed Trundle for £60,000 before his move to Swansea some two years later.