Cech sealed an £11million deal to the Emirates earlier this month.
Terry's former team-mate Frank Lampard played for a rival last season during his season-long loan spell at Manchester City.
But 34-year-old Terry, who is preparing for his 19th campaign as a professional, isn't sure where he will finish his career.
"I could handle being on the bench or not in the team, for sure," Terry said as quoted by the Daily Telegraph.
"People like me and Steven want to play, of course, that is our natural instinct.
GETTY
John Terry says he couldn't ever join a Premier League rival
“When you play your whole career, it’s hard. If I then felt Chelsea were going to release me or thought I had nothing else to give, but I thought I could, then of course I would still want to continue to play.
"But that would not be in the Premier League, for sure.”
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