"There's a lot of speculation out there at the moment," Terry told a press conference ahead of England's Euro 2012 qualifier against Switzerland tomorrow.
"I was very sad to see Carlo go, and as a group of players we will wait for the club to make a decision. There's a lot of managers been linked at the moment.
On Hughes, Terry added: "He's someone that hopefully the club will be talking to. If it's him he will be welcomed by the players."
He added: "We had a great time under Guus, he would be welcomed back.
"Whether we are going to get someone who knows the club or someone different, that's out of the players hands."