London: 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.