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John Terry signs new contract at Chelsea for 2016-17 season

Chelsea captain John Terry has signed a new one-year contract at Stamford Bridge.

Terry had said he expected to leave Stamford Bridge, as his previous deal was due to expire in the summer. However, after months of speculation that this season could be his last at the club, the 35-year-old has decided to accept the late offer of a new deal for the 2016-17 season after a meeting with director Marina Granovskaia and chairman Bruce Buck.

Terry announced in January that there would be no "fairy-tale ending" for him at Chelsea after he was told that no offer of an extension was forthcoming, but the centre-back's preference was always to stay at the club he has been at since he was 14 years old.

He stopped short of saying he would accept Chelsea's offer during an emotional speech to supporters after Sunday's 1-1 draw with Premier League champions Leicester City at Stamford Bridge, but now Terry has confirmed his 18-year professional association with the Blues will continue.

"I am delighted to sign a new contract with the club," Terry told Chelsea's official website. "Everyone knows I'm Chelsea through and through.

"I am looking forward to next season under the new manager and hopefully we can make it a successful one. Also, a special mention to the fans for their continued support. You're the best in the world."

John Terry Chelsea flag
John Terry has won four Premier League titles as Chelsea captain.

Terry's new contract requires him to accept what he describes as a "different role" -- widely reported to include a significant pay cut and the loss of his long-held status as a regular starter at Chelsea -- under incoming head coach Antonio Conte.

Chelsea chairman Buck said: "We are delighted John will spend another year at the club. He has been the leader of the Chelsea squad throughout the most successful period in our history.

"He recently reached the 700-appearance mark, which is testament to his professionalism and dedication as well as his undoubted talent."

Granovskaia added: "We look forward to another year with John at the club, and believe he will be an important figure in the dressing room and on the pitch as we look to bring success back to the club next season."

Liam is ESPN FC's Chelsea correspondent. Follow him on Twitter: @Liam_Twomey.

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