Terry would sign for life
Terry, 23, is only 6 months into a new four year contract, signed hours before Abramovich's takeover in July.
However, Terry's loyalty is to manager Claudio Ranieri.
"I would quite happily sign for life - and I have told them so," Terry told The Sun. "Claudio is a great manager and while he is here, Chelsea will just get better and better.
"I have been at the club since I was 14 and now we are right up there with the likes of Arsenal and Manchester United. These days there seems to be so little loyalty between clubs and players but that is not the way I feel about Chelsea.
"I love working with Claudio. No one should forget who gave them their first chance in football. He gave me mine and I will remember that for ever."
John Terry is Chelsea's vice captain on the field as it is, and with Marcel Desailly's often absence, it can only be a formality that Terry will captain Chelsea himself as first choice, in the very near future.