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The former England captain will be a free agent when his current deal expires in the summer and Wenger, who signed goalkeeper Petr Cech from Chelsea last year, has spoken highly of Terry in the past.
Asked if he had any intention of making a bid for the player, Wenger said: "No, because he is at the end of his career and he has spent his career at Chelsea.
"If he wants to play longer, I am sure he will play for Chelsea.
"Loyalty works two ways. I always consider that I'm paid for my commitment to the club and I'm well paid so once it is over the club owes me nothing and I have to get on with my life and find another way.
"I do not expect a reward because it is part of my contract."
Terry has been with Chelsea since the age of 14 and has won 16 major honours with the club and Wenger believes that the legendary defender has more to give the game, both on and off the field.
"He was not only a great player, he certainly still is, but he was also a great coach on the pitch," he added.
"I saw him here once at London Colney playing with the under-21s and the way he coached the team as a player was absolutely marvellous.
"He was a real leader and he had a great career as well, let's not forget that. That's never a coincidence. The guys who last such a long time have something special.
"He was the symbol of cohesion inside Chelsea's club because him, (Frank) Lampard, (Didier) Drogba and Cech were the players who carried the club's values for long periods. When you lose players like that you're always in danger.
"I see a coaching career in his future, certainly. He will remain in football, I'm sure."
By: Kieran O'Daly