The 24-year-old was sent out on loan by Karanka in January after scoring just once in over 20 appearances for Boro this season.
Since his move to the Reebok Stadium, Jutkiewicz has found some form with five goals in ten starts - and Karanka admits his future will be looked at come the end of the season.
"When the season is finished, we will sit down with Lukas and talk about the future," said Karanka.
"I don't know what will happen with him - it is something for the future rather than now.
"I am very happy with the way he has been playing. When we sat down together to discuss what was going to happen earlier in the season, we came up with the solution of him going to Bolton on loan because we all wanted the same thing.
"It was very important for him to go somewhere and score goals so he could get more confidence. I am pleased that has happened, and I know more now than I knew at the beginning. I am happy, Lukas is happy and Bolton are happy. We will leave it until the summer."