Video footage emerged after the Blues lost 1-0 away to QPR on Sunday that suggested the 30-year-old was directing racist language at the former Sunderland defender.
According to the Press Association, the FA will adopt an 'innocent until proven guilty' stance on the matter as they carry out an inquiry into the Premier League match on October 23.
On Tuesday night the organisation confirmed they were launching an inquiry into the allegations that emerged in the aftermath of the west London derby, which the Metropolitan Police are also investigating following an anonymous complaint.
Terry has denied any wrongdoing, and although he admits using the language he claims he was responding to what he believed were accusations of racism being directed at him.
The Stamford Bridge club, including manager Andre Villas-Boas, have come out in support of their captain and the Portuguese coach has claimed the issue was sorted after the game in the Blues’ dressing room between the two players.
However, reports are suggesting that Ferdinand told QPR he was unaware of any potential ‘race row’ after Sunday’s match.
Terry was only recently reinstated as England captain following Fabio Capello stripping him of the role after his issues surrounding his private life came to the fore.
Rio Ferdinand, Anton’s brother, was then installed as skipper and originally reacted angrily when Capello decided to give Terry the captaincy back.
The England friendly games at Wembley next month, at home to both Spain on November 12 and then Sweden three days later, will likely feature a number of fringe players in the starting line-ups, meaning Terry could not play regardless.
Capello has already stated his interest in trialling a number of new players in the matches leading up to next summer’s Euro 2012, which England have guaranteed a place in after a draw away to Montenegro meant they topped Group G.