Cronk will leave Melbourne at the end of the season in order to move to Sydney for family reasons, with a number of NRL sides believed to be keen to sign the 33-year-old.
However, a surprising turn of events has seen Super Rugby side Waratahs credited with an interest in the two-time Dally M Player of the Year.
Former Waratahs player and coach Cheika believes Cronk has the ability to make the switch, but will not try to facilitate a move in order to have him available for the Wallabies.
"He's ultra-qualified in rugby league and played rugby in school days," said Cheika.
"If the Waratahs are interested and he wants to play, good on them, get into it because I've no doubt he'd make a success of it.
"Is the Australian Rugby Union going to get involved? No, it's for these guys to work out.
"But it'd be interesting to see him back playing."