The 19-year-old is unlikely to get many minutes under Roberto Di Matteo, who has bolstered the Blues' midfield greatly this summer.
"For my career I think it's important to play regularly and pick up as much experience as possible, and that's what I'm looking to do," said McEachran.
"There are a few Championship and Premier League teams interested and it's just about picking the right club for me.
"I'll go for six months and then we'll review it again and see what happens next."
McEachran spent last season on loan at Swansea City but only made four starts for the Welsh club.