According to The Sun , the Chelsea and England legend will become part owner of the U’s as part of a £14million deal to take over the League Two club.
They are reporting that Terry is expected to have ‘significant influence’ over the footballing side of the U’s, at the JobServe Community Stadium.
Mr Terry and Colchester United are yet to comment on the reports.
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Terry, 45, who is the uncle of Colchester defender Frankie Terry, is currently coaching Chelsea’s academy and The Sun are reporting he is set to continue his role there.
Terry enjoyed a magnificent playing career predominantly at Chelsea, where he won five Premier League titles along with the Champions League, in 2012.
Owura Edwards wishes he'd had more opportunity after return to U's side
He spent 19 years at Stamford Bridge between 1998 and 2017, making 717 appearances for the Blues and scoring 67 goals, a club record for a defender.
The former defender also shone for England from 2003 to 2012, earning 78 caps and scoring six goals.
Robbie Cowling has been seeking to sell Colchester United since last year, after nearly 20 years at the helm.
He is looking to find a new long-term steward for the U’s, as he looks to pass the baton on to a new generation of management.
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In February, it was announced that talks between U’s owner Cowling’s Aspire group and the Sports Alpha Capital (SAC) consortium including former Brazil star Alexandre Pato had ended without an agreement being reached.
US-based Lightwell Sports Group, headed by American businessman Tim Foley, had previously been close to buying the club but a deal collapsed last June.
