Chalobah has yet to make his first-team debut for Chelsea, but impressed during a loan spell at Watford last season and featured 42 times for the Championship club.
The 18-year-old also played for England at the European Under-21 Championship in the summer and is currently part of Chelsea's pre-season plans.
However, Mourinho wants Chalobah, who can play in defence and midfield, to spend another year on loan before pushing for a first-team spot at Stamford Bridge.
"We are thinking of letting him go on loan for a last season," said Mourinho. "That is our intention. He knows. We have discussed that with him.
"He is a very, very good player. I like him very much - very, very much. I am very impressed. For sure, a Chelsea player (in future), for sure. We think he is there.
"He could be in our squad already. But we think one more season and it will be his last one out on loan.
"We will see whether or not it is a Premier League club."
Mourinho also confirmed that Lucas Piazon and Josh McEachran will go out on loan again this season after spending time at Malaga and Middlesbrough respectively last term.
Wallace is another youngster heading for a loan spell as the Brazilian full-back does not yet qualify for a work permit and he has been linked with Italian trio Genoa, Inter Milan and Roma.