Burgess has signed a three-year deal with the Chooks, leaving Wigan after making 55 appearances for the club and scoring 49 tries.
O’Loughlin knows the young winger well having captained him both at the Warriors and with England.
The veteran forward believes Burgess has what it takes to be a success in the Australian competition.
“I think he’ll go really well,” O’Loughlin told Love Rugby League.
“Hopefully he gets his chance and he does well, gets in the team and stays there.
“He’s a great player and he’s been great for us for the few years we’ve had him.
“I think he saw this as an opportunity. We all wish him the best of luck.
“He’s a really well-liked bloke as much as a good player. I do think the attributes he’s got – he’s a big physical bloke, he’s rapid as well.
“He knows how to get over the try-line and he’s done that for a few years now. I think that will suit him in the NRL as well.”
But no outside backs have made the transition as successfully with consistency of late. O’Loughlin believes the 21-year old can buck that trend.
“I hope so and yeah I think character-wise he’s somebody who’ll get over there, look at his game and he doesn’t think he’s at the top of his game yet,” he said.
“There’s still a lot of improvements in him and if he can go over there with that attitude to get better than he’ll be in a good place.”
O’Loughlin said he’d love to see Burgess back at the DW Stadium once his time with the Roosters finishes.
“Yeah hopefully he plys his trade over there and does well. And if he fancies coming back I’m sure we’d have him back.”