John Terry will reportedly be offered a £25,000-a-week pay rise to ward off interest from Manchester City.
The Daily Mirror claims that Chelsea will make Terry the highest-paid player at Stamford Bridge with a £7.7m-a-year offer.
That figure would still see Terry earning around half of the money reportedly offered by Manchester City.
The England captain returns to training this week to meet new boss Carlo Ancelotti for the first time and is expected to be met with a new contract offer.
Chairman Bruce Buck said: "My line as a Chelsea fan, is that I would be devastated if John Terry left Chelsea. Having said that, it's not going to happen. John Terry is synonymous with Chelsea and Chelsea is synonymous with John Terry.
"He has been here since he was a wee tot, he is the captain of Chelsea, he is the captain of England, he is the backbone of our team, he is not leaving."
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