Cook is a part of a resolute Bournemouth defence that has once again staved off relegation in its second season in the top flight and is on the verge of a top-half finish.
Rumours have persisted recently linking Terry with a move to the south coast club.
When asked if the possibility of signing Terry was exciting, Cook told the Bournemouth Echo: "Of course it is. He is one of England's best ever centre-halves.
"I've watched him since I was a kid and he has been outstanding. Obviously, if he does come in it would terrific, because you're always going to learn off that kind of player.
"The core of this team has been together for a very long time," said Cook. "Players have come and gone over a number of years and it's credit to the lads, because we have been rising to the challenge every year.
"Whoever comes in will improve this squad, we know that, but the defence on Saturday all played in League One and, hopefully, that will continue. I'm sure whoever comes in will contribute hugely, though.