Whichelow joined Stanley in September and made two League Two starts, along with two further substitute appearances but did not feature after October's 3-2 home defeat to Rochdale.
"Matty is a great lad," said Reds boss Leam Richardson on his club's official website. "We'd like to wish him well for the future and thank him for the last few months.
"I'd also like to thank Watford for letting us have him and for their co-operation throughout the loan spell."
Whichelow's Hornets team-mate Piero Mingoia remains with Accrington and featured as a second-half substitute in their FA Cup second-round replay defeat at Oxford on Tuesday night.