Cork, 21, is on loan at the Championship side Burnley, and scored the winning goal against Lancashire rivals Preston North End on Saturday.
The midfielder would be happy to sign for the Clarets on a full-time basis at the end of the season.
"Chelsea have made it clear they will let me go at the end of the season," he said.
"I haven't had time to speak to the manager [Eddie Howe] about what happens in the summer since he's come in.
"Hopefully we can sort something out. I really like it here. It's a good club."
Cork spent the 2007/08 season on loan at the Iron from the Blues, playing 35 times and scoring two goals.