The Chelsea centre back has denied racially abusing the Queens Park Rangers defender during a Premier League match on 23 October.
A spokeswoman for the Crown Prosecution Service (CPS) said a decision on whether they would press charges would be announced on Wednesday.
Terry, soon after the allegation surfaced, issued a statement saying: "I've seen that there's a lot of comments on the internet with regards to some video footage of me during the game.
"I'm disappointed that people have leapt to the wrong conclusions about the context of what I was seen to be saying to Anton Ferdinand.
"I would never say such a thing, and I'm saddened that people would think so," he added.
The CPS announcement regarding Terry came a day after England's Football Association banned Liverpool and Uruguay striker Luis Suarez for eight games for racially abusing Manchester United's Patrice Evra during a league match in October.
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