Cronk has pledged his future to his Sydney-based fiancee, but is yet to decide whether to retire or seek a new club and says he won't do so for some time.
Sydney NRL club opportunities for expensive playmakers are fast dwindling after recent signing announcements.
Retirement looks increasingly likely for Cronk, especially after the Waratahs shot down talk he could be lured to Moore Park to join former teammate Israel Folau and his one-time Melbourne understudy Mack Mason.
Cheika, who coached the Waratahs to their only Super Rugby title in 2014 before taking up his Wallabies post, says Cronk would have made a great addition to rugby.
"He's an Aussie, an Australian player who's ultra-qualified in rugby league and he came through the ranks playing league after playing rugby back in school days.
"It'd be interesting to see him back playing and I'd have no doubt whatsoever that he'd make a success of it because he's that type of player."
Cheika, meanwhile, is playing down Australia's dream 2019 Rugby World Cup draw.
Australia faces Wales, a team they have dominated during a 12-test winning streak that stretches back to 2008, and Georgia, a team Cheika called dangerous.
"They are a team being run by a few Kiwi lads over there and they're on the up and up," he said.
"Between now and 2019 we're going to have to learn a bit about them."
