The Cardiff City youngster linked up with the Glovers in August on an initial agreement which is due to run until the turn of the year.
The 19-year-old midfielder has taken little time to settle at Huish Park and has quickly become a regular under Gary Johnson.
He is still held in high regard at Cardiff, but remains some way down the pecking order there as the Bluebirds battle to preserve their Premier League status.
That means he must look for games elsewhere, and Ralls would welcome the opportunity to prolong his association with Yeovil if the Championship outfit decide to explore that option.
He told the Western Gazette: "I'm really enjoying myself. The boys have been brilliant, hopefully I can kick on, score a few goals and help the team.
"I'm not sure what will happen in January, but I will keep my head down and work hard until then. It will be nice to see what happens in January.
"The fans, I couldn't believe how they got behind the club here. They're brilliant, especially at home and it's been a joy to play in front of them.
"We have given them some good performances and if we get a couple of good results, they can really help us this season."