Terry, 37, could be set for a return to the Blues after his proposed move to Spartak Moscow fell through.
The iconic defender was set to join the Russian club on a free transfer after leaving Aston Villa, but at the last minute decided to pull the plug on the move despite having undergone a medical.
Now English Publication, The Sun claim that Terry also has an offer from London to become a first-team coach with the Blues.
Terry's managerial aspirations are well known and should he choose to retire he will almost certainly take up an offer from the club he featured 717 times for between 1998 and 2017.
The former Chelsea captain explained that he would not be making the move in a short statement on Instagram on Wednesday afternoon.
"After considerable thought, I have decided to decline a contract offer from Spartak Moscow," Terry wrote.
"I would like to take the opportunity to thank Spartak and wish them and their supporters well for the rest of the season.
"They are an ambitious club and I have been very impressed with their professionalism.
"But after assessing this move with my family, we've decided this is not the right move for ourselves at this time."