The former England international has spent his whole career to date with the Stamford Bridge giants having joined their youth ranks in 1995.
Terry and Mikel were Chelsea's longest-serving players and won eight major domestic honours plus two European trophies before the latter made a move to play for Tianjin Teda in China.
After 22 years of loyal service which have delivered 713 appearances, including a record 578 as skipper, the 36-year-old will move on once his current contract expires.
''It was a privilege to play with you and learn from you. Not only a Chelsea legend, but a true Football legend and a brilliant captain. Good luck Old Boy #neighbour,'' Mikel wrote on Instagram.