London, July 23 (ANI): England and Chelsea football captain John Terry has decided to stay on at his club after reportedly reaching an agreement that will see his weekly wages rise from 130,000 pounds to 150,000 pounds, on par with key striker Frank Lampard.
According to The Sun, negotiations on a new contract are at an advanced stage and an announcement is expected within 48 hours.
Terry is said to have reached an agreement after a heart-to-heart chat with new boss Carlo Ancelotti and club officials during Chelsea's pre-season tour to America.
Stamford Bridge was initially hesitant about extending the 28-year-old's deal but a compromise, which leaves everything open to negotiation, has been accepted.
The defender has insisted in the past he wants to end his career with the Blues - and that now looks like becoming a reality.
The news comes as a crushing blow to Eastlands boss Mark Hughes, who was willing to pay 40 million pounds for Terry.
A City insider, however, insisted last night that the club would not give up hope of luring the centre-half until he publicly declares he will remain with the Blues.(ANI)