Terry, 30, believes the reigning champions can kick on after the emphatic 4-0 victory against Bolton last night and mount a serious challenge to Manchester United and others.
Asked if the group had a future beyond this season, he said: "I certainly hope so. We all realise we are a small squad and the club are looking at different options.
"I don't want to get into that but, what I will say, if the group has to stay together for the rest of the season we will definitely be right up there.
"We were reading that people don't fear us any more. The message in the dressing room is 'don't fear us at your peril'.
"People were saying things that we showed great experience with the players we have in the squad. Three months later we are all too old.
"We have players who are 30, 31, 32. We have young blood coming through as well. We have a great mix of players.
"One thing you cannot take away from the squad is that winning mentality. That rubs off on everyone coming into the group. You have to win in training, you have to win in games."