Cho has found his opportunities restricted under Roberto Martinez, making just three appearances during his time at the club.
Martinez is also hoping that Cho is given the chance of first team action in regain his match fitness following the bad knee injury suffered at the tail end of last season.
"Cho and (manager Roberto) Martinez have agreed that it would be best if he leaves to join another team on a loan deal," Cho's agency Tenplus Sports said.
"Martinez wants Cho to improve his form and fitness before he could consider giving him more playing time, while Cho is keen to get on the pitch on a more regular basis.
"We are looking for a club for him to join, and we believe a team in the English Championship would suit him best."