"It's a pretty humbling experience to be asked to be involved in something like that (the Wallabies' coaching role) but we'll see what happens," Cheika told reporters.
"There's a few things to iron out obviously - the logistics et cetera, everything being so close, so we'll see how it goes and work it out from there."
Cheika is believed to want to oversee the Waratahs' title defence before taking control of the Wallabies.
The NSWRU also want that to happen.
"We would fully endorse and support Michael if he was offered that (Wallaby) role, that's without fail," NSWRU chief executive Jason Allen told AAP on Monday.
"I think it's a great compliment for the many years of service he's provided in rugby.
"We would, however, respect that he would have to, with our best wishes, accept both roles for next season.
"It would be challenging, but with a small amount of inbound Tests, the board and I think that's achievable."
Asked if any deal with the ARU would be conditional on Cheika coaching the 'Tahs in 2015, Allen said: "We would find it very hard to accept a release without that condition.
"We've got an entity to protect as well."
Australia will play just four Tests next year prior to the World Cup - two against New Zealand and one each against Argentina and South Africa.
There are precedents for a coach performing Super and Test duties in the same season - although the appointments were made with relatively short notice.
In 2001, Eddie Jones coached the Brumbies to the Super title before accepting the Wallabies post after Rod Macqueen stood down mid-year.
New Zealander Robbie Deans coached the Crusaders to the most recent of their seven Super titles in 2008 before starting his tenure as Wallabies coach almost immediately after.
If appointed in time for the spring tour, Cheika would certainly hit the ground running.
A squad for the tour could be announced as soon as Tuesday.
One man not expected to tour, but who Cheika has been a big supporter of is Kurtley Beale, who will face an independent hearing on Friday into a couple of alleged indiscretions.
Broadcaster and former Wallabies coach Alan Jones was critical of both McKenzie and the ARU.
It has been reported McKenzie could be approached to coach Argentina next year.
Former Wallabies centre Tim Horan thought McKenzie could look at returning to Europe, where he has previously coached Stade Francais, the same French club Cheika has also coached.
- AAP