Former Blues skipper whose contract runs out this month has been offered a one-year deal by Aston Villa worth £60,000 a week with a £2m bonus if they seal a return to the Premier League.
To sweeten the deal, Villa boss Steve Bruce has also tried to tempt Terry by telling him he’d be in line to succeed him as boss if he signs up.
City rivals Birmingham have also tried to lure the 36-year-old with a similar offer.
“John Terry can be manager of Birmingham City in a couple of years if he wants to play for me,” Harry Redknapp said last month.
Terry, who is already taking his coaching badges, has made no secret of his desire to be a manager.
At the end of last season he said: “I do want to be a manager. I think I’ve got too much to give and I’ve learned too much not to pass that on, whether that’s initially to a younger generation or eventually at this level [Chelsea].
“This is the target – being here, managing a top side.”