The 22-year-old came through the ranks at Stamford Bridge but has only made 32 appearances for the Blues since his first-team bow in 2014.
Loftus-Cheek impressed on loan at Crystal Palace last season and was named in the England squad for the 2018 World Cup, making four appearances for his nation.
"That's the key for me right now [getting minutes] at this stage of my career," Loftus-Cheek told ITV Sport.
"I've had a taste of what Premier League football is like and I don't want to miss out on that next season.
"So I'll have a little break, not too much or I'll miss the start of the season, clear my mind and we go from there."