Chelsea have finally opened talks over a new contract for captain John Terry in an attempt to keep him at Stamford Bridge.

Terry’s current deal is due to expire at the end of the season and the defender had become frustrated by the time it took for Chelsea to open negotiations over an extension.

But Telegraph Sport can reveal talks between Terry and Chelsea have now started, with both parties hoping an agreement can be reached.

The negotiation process may not be straightforward, due to Chelsea’s policy of only offering outfield players aged over 30 one-year deals and the fact Terry is likely to be asked to take a cut to his £150,000-a-week wages.

There is interest in Terry from abroad, but the player’s first priority is to see whether a compromise can be struck with Chelsea before considering any other offers.

Terry turned 33 in December and has been playing some of the best football of his career to help Chelsea to the top of the Premier League table.

The former England captain has only missed two league games so far this season and his form has prompted calls for an international return ahead of the World Cup.

That remains unlikely, but Terry believes he can keep playing at the top for Chelsea for a number of years, which is why he is keen to push the club for more than an extra 12 months.

Terry will also be reluctant to accept a substantial pay cut, knowing that he could match or even better his current salary by moving as a free agent in the summer.

There is recognition from Chelsea and Terry that a compromise could be reached that satisfies the club and the player. There is also a mutual respect over the way in which the matter is being handled.

While Terry’s basic salary may be cut, he could be offered bonuses that would top up his annual pay packet. An option could also be placed into an initial one-year extension that would see Terry automatically earn another 12 months based on a set number of appearances.

Chelsea manager Jose Mourinho has been delighted with Terry and recommended to the club’s board that he is kept past his current contract.