JOHN TERRY has been offered a record-busting £300,000-A-WEEK to join Manchester City.

The future of the Chelsea and England skipper is now on a knife-edge.

Terry, 28, has been blown away by City's offer, which is worth a mind-blowing £15.6million-a-year.

But it is a measure of how boss Mark Hughes views the centre-back as crucial to City's development.

Terry would become easily the world's highest-paid player. His salary would dwarf even that of the footballer closest to him - Cristiano Ronaldo, on £255,000-a- week at Real Madrid.

Hughes reckons Terry is the key to City bursting into the Premier League's top four and becoming one of Europe's leading clubs.

The Welshman is convinced he can get a good five years out of the centre-back, despite some of the injury problems he has suffered in the last couple of seasons, and has long had him on his radar.

City failed with a move for Terry last season and, though the latest £30m offer has been firmly rejected by Chelsea, SunSport understands the pursuit is far from over.

In fact, the Londoners are bracing themselves for another bid in the region of £40m.

Sources close to Terry say the player is beginning to wonder whether Chelsea really want him as much as they claim and admit he has been impressed by the faith Hughes has in him.

SunSport can reveal Terry has had no contact with incoming manager Carlo Ancelotti since the Italian got the job and is worried that his influence at Stamford Bridge could be on the wane.

Terry has become more than just the skipper at Chelsea. He was almost on the board and was the link-man between the players and the hierarchy.

Ancelotti may have different ideas about how the club should operate. Yet with Hughes, Terry knows he will be the main man whichever stars arrive.

Terry currently earns around £150,000-a-week with the Blues, so would be doubling his wages.

City are also prepared to pay Samuel Eto'o £250,000-a-week to secure his services from Barcelona.

Clearly money is no object to City's Arab owners.

Chelsea suspect Terry has been tapped up and City sources admit the club would not have made a bid without doing its homework.

In other words, they have already found out whether he would be interested in the move before making their official approach.

SunSport was told: "This one could run for a while. John is really interested in what City have to say. It is not impossible he could leave."

REAL MADRID are on the verge of bidding for Ashley Cole after he rejected a new Chelsea deal.

The England star, 28, has turned down the offer which would leave him £30,000-a-week short of the club's top earners.

Cole, signed from Arsenal three years ago, wants to commit to the Blues but the contract has to be right.

A source said: "Ashley loves Chelsea and is genuinely excited about working with new boss Carlo Ancelotti.

"He wants to give the best years of his career to the club but the deal has to be right for such an important contract.

"He needs to feel as valued as any of the club's other top players."

Cole, currently on £70,000 a week, also interests European champions Barcelona.

But it is big-spending Madrid who have stepped up their interest in the left-back, who has won 71 England caps.

Madrid president Florentine Perez is aware the club's defence needs strengthening and new boss Manuel Pellegrini is a long-term admirer of Cole.