The former England captain is the bookies' favourite to replace Roy Keane as a pundit on ITV, with the 33-year-old reported to be on the station's lits of taregts.
Terry retired from international football in 2012, having won 78 caps for England. He signed a one-year contract extension with Chelsea over the summer.
Back in February, England manager Roy Hodgson ruled out asking Terry to return for Brazil, saying: "John has retired. As far as I’m concerned that is the situation."
Keane, the former Manchester United captain and assistant manager of the Republic of Ireland told ITV bosses that he wanted to focus on coaching and did not want the distraction of the television studios. Although Ireland did not qualify for Brazil, Keane has been strongly linked with a second coaching role at Aston Villa.
An ITV statement said: “Roy has been a tremendous part of our pundit team in recent years, but we fully understand his decision to concentrate wholly on his coaching. We wish him every success for the future.”