The League One club have taken the midfielder, who appears not to be in Aidy Boothroyd's plans, on loan until January 1st 2011.
MK Dons boss Karl Robinson told his club's website: "Michael has a wealth of experience, earned by playing regularly in big games and we're extremely fortunate to be able to call on a player of his quality.
"It's something we've been working on for a while so I'd like to thank Aidy Boothroyd and Coventry for allowing us to take him for the next seven weeks and hopefully Michael can get a lot out of his time with us."
McIndoe trained with MK Dons on Friday and is in their squad to face Brentford tomorrow.
Picture copyright of Covsupport News Service. Credit CNS/SB