Lillis has been an ever-present since joining Keith Hill's side, who have acclimatised well to League One after winning promotion last season.
He has played 19 times for them in all competitions, keeping three clean sheets, and his current loan spell at Spotland runs out in January.
Baraclough said: "Rochdale manager Keith Hill is pleased with Josh and wants to keep him for the rest of the season. But I`m not sure I can agree to that at the moment.
"I will need to have a talk with Josh. If he wants to stay there, then we will certainly have a 24-hour recall on him."