The Belgian has managed to establish himself in the first team at The Hawthorns this season, scoring 12 goals in 25 appearances since arriving on a short-term deal from Chelsea in August.
Clarke said that any talks over extending the arrangement will have to wait until the end of the season, but believes that the Baggies would have a "strong chance" of retaining his services.
"It's something that will come up for discussion in the summer," The Mirror quotes Clarke as saying.
"Chelsea are his parent club, he is their player and they will decide what they want to do first and foremost. Then after that, hopefully we will get a chance to put ourselves in the hat.
"If Chelsea want to leave him out for another season somewhere I think we would have a strong chance of getting him back here, but it is a discussion for the summer."
The 19-year-old joined Chelsea from Anderlecht in 2011.