The 19-year-old completed an apprenticeship with Manchester United in 2016 and consequently signed for the Bluebirds that summer.
Chorley manager Matt Jansen told his club`s official website: “It’s great we’ve been able to bring in Oliver. He’s been recommended to us before now by Andy Dibble, the goalkeeping coach at Cardiff City. He’s got great distribution for a young goalkeeper and we’re thrilled to have him here.”
He added: “Hopefully we’ll see him impress as we put things in place ahead of our FA Cup clash. We’d also like to thank everyone at Cardiff for helping get this deal over the line, including Neil Warnock, Bryan Gunn and Andy Dibble. These connections are vital as we continue to push at the top of the table.”
Byrne will be available for the Magpies Emirates FA Cup First Round fixture against Fleetwood Town on Monday.