The Nigeria international will spend the rest of the season at the Riverside Stadium working under Aitor Karanka, Jose Mourinho's former assistant at Real Madrid
The Nigeria international signed for the west London club in 2012 from Standard Liege's youth system and cut his teeth professionally with a loan spell at Den Haag last term.
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Another youngster heading out of Stamford Bridge is midfielder George Saville, whose loan at Brentford has been extended until the end of the season.
Saville has already made 24 appearances for the League One side this term and will be joined at Griffin Park by Marcello Trotta.
The Italian, who famously missed a penalty in the last minute of last season that would have sealed promotion from the third tier, has netted six times in 17 league games, and will remain with the club for the remainder of the campaign on loan from Fulham.
Another striker leaving the Premier League temporarily is Sunderland's Mikael Mandron, who will run out for Fleetwood Town for the rest of the season.
Hull City goalkeeper Eldin Jakupovic and Everton left-back Luke Garbutt sealed one-month loans on Tuesday, joining Leyton Orient and Colchester United respectively.