Terry desperate to extend Chelsea stay even on half his current 1,60,000 pounds-a-week pay

Chelsea captain John Terry has reportedly agreed to extend his stay at the club, but on half his current 1,60,000 pounds-a-week salary.

Terry would see his pay slashed to 80,000 pounds-a-week.

According to the Daily Star, speculations are that Terry, who joined the club as a 14-year-old and has made 646 appearances, has not been offered a new deal having fallen out of favour with boss Jose Mourinho.

However, media reports have revealed that Terry, who has been Chelsea's captain for the last 10 years, is willing to accept the hefty pay cut to get a one-year extension at the club.

Terry's fellow teammate, midfielder Frank Lampard, is also reportedly expected to stay at Chelsea for another year on vastly-reduced wages.

Meanwhile, the New York Red Bulls are keen to land the England left-back and Liverpool boss Brendan Rodgers is also interested in taking Terry on a free transfer, the report added.