Hesketh, who plays an attacking role, enjoyed a successful youth career at Saints Hesketh was promoted to the first team in 2014 by Ronald Koeman.
He made his first senior appearance for them as a second-half substitute in a 2-1 defeat to Manchester United. Five days later Hesketh made his first senior start against Burnley in the Premier League.
Hesketh has since enjoyed loan spells at Burton Albion, MK Dons and most recently Lincoln City, making 16 appearances for the Brewers and the Dons respectively and 20 for the Imps last season.
Head Coach John Yems said: “I am glad we have Jake on board. He is a very good acquisition and I think he can bring a lot to us. I’d also like to thank Southampton, it’s good to see a Premier League club helping us out and let’s hope Jake has a successful time here."
Technical Director Erdem Konyar said: “Jake is a coup for the club. I’m delighted to see a player of his calibre enter our premises. I couldn’t praise John and Lee enough for their work during this window.”
The Reds are back in action tomorrow - facing league leaders Morecambe at The People’s Pension Stadium.