On Friday evening, the 35-year-old took to Instagram to reveal his thoughts. He said: "Thanks to everyone for the kind wishes.
"The contract extension the club has offered me is a different role and I hope everyone will understand I want to take the time to consider it carefully before making a decision."
Earlier on Friday, the Premier League club revealed that director Marina Granovskaia and chairman Bruce Buck had met with John and his agent this week and had offered him a one-year contract extension.
The centre-half is banned for the final game of this season - against champions Leicester - after he was sent off for a second time this season against Sunderland.
Chelsea will pay tribute to Terry at Friday's end-of-season awards ceremony. There had been rumours earlier this week that the tribute has been cancelled, which in turn sparked rumours he would be offered a new deal.
