Cole has already made four first-team appearances for the Blues so far this season despite an injury, scoring three goals in the process.
Chelsea chief executive Trevor Birch told the club's website: "As everyone knows, Carlton has done excellently this season when he has been given a chance in the first team.
"But with Eidur Gudjohnsen and Jimmy Floyd Hasselbaink now back to full fitness and Gianfranco Zola in such good form, he was only likely to receive a limited opportunity to play in the short term.
"This loan is ideal as he will have the chance to play regularly in a good side at a good level, build his confidence further and hopefully score some goals."