The London Evening Standard says the captain’s deal runs out next summer and he has been linked again with a move to Galatasaray, who are prepared to match his £170,000‑a-week salary.
It is believed the 32-year-old hopes to stay despite the Turkish side’s interest and is optimistic that an agreement will be reached.
Chelsea have a strict policy of only offering 12-month extensions to players who are over 30. There is no timescale for when talks will start but manager Jose Mourinho will play a key part in the decision and will recommend to the board whether he wants to keep Terry.
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