John Terry will reportedly be offered a £25,000-a-week pay rise to ward off interest from Manchester City.

The Daily Mirror claims that Chelsea will make Terry the highest-paid player at Stamford Bridge with a £7.7m-a-year offer.

That figure would still see Terry earning around half of the money reportedly offered by Manchester City.

The England captain returns to training this week to meet new boss Carlo Ancelotti for the first time and is expected to be met with a new contract offer.

Chairman Bruce Buck said: “My line as a Chelsea fan, is that I would be devastated if John Terry left Chelsea. Having said that, it’s not going to happen. John Terry is synonymous with Chelsea and Chelsea is synonymous with John Terry.

“He has been here since he was a wee tot, he is the captain of Chelsea, he is the captain of England, he is the backbone of our team, he is not leaving.”

Real Zaragoza have completed the signing of winger Jermaine Pennant after his release by Liverpool at the end of his contract.

The former Arsenal youngster passed a medical with the Spanish outfit on Thursday and will join their bid for survival next season after being promoted back to the Primera Division.

The 26-year-old becomes Zaragoza’s first signing of the summer and joins on a three-year deal.

Pennant told the club’s website: “I wanted to come to Spain and I had offers from important teams in Europe but joined Real Zaragoza.

“I really want to get started and do well in the league.”

Pennant spent time on loan at Portsmouth last season after being frozen out at Anfield.

The former England Under-21 winger impressed for Liverpool in the 2007 Champions League final defeat by AC Milan but found opportunities increasingly limited from then on.

Karim Benzema revealed he rejected advances from Manchester United before opting for his “dream” move to Real Madrid.

Benzema established himself as one of Europe’s hottest properties during his time at Lyon, for whom he scored 54 competitive goals in the last two seasons, and he was regularly linked with some of the continent’s biggest clubs.

Madrid won the race for the France international after having a 35million euros bid accepted by Lyon last week, but while Benzema insists the Spanish giants were always his top choice, he confirmed they were not his only suitors.

When asked what other teams were keen on him, Benzema said: “There were quite a few clubs that contacted me like Manchester (United), Inter Milan and Barcelona, but I decided to come here.

“Real Madrid are an excellent club. I’ve dreamt about playing here since I was 15 years old.

“Florentino (Madrid president Perez) spoke to me about the team and the project that he wanted to create. I wanted to play at Real Madrid anyway so he didn’t have to convince me of hardly anything.”

Benzema is the the fourth new arrival to be unveiled by the Spanish giants since Perez returned to the presidency at the start of June, following in the footsteps of Cristiano Ronaldo, Kaka and Raul Albiol.

An estimated 90,000 people turned up for Ronaldo’s presentation at the Bernabeu on Monday, while around 55,000 were in attendance for Kaka’s unveiling last week.

The amount of people that watched Benzema’s presentation on Thursday night was considerably less than those two players, with around 20,000 in the stands, but the Frenchman was still delighted with his reception and immediately endeared himself to the fans by repeatedly kissing the Madrid badge.

“It was very exciting. Real Madrid fans have a special relationship with the players and I am very grateful for that,” he said.

“I felt some strong emotions today and that’s why I kissed the badge.”

Benzema, who has not yet been given a shirt number at his new club, was a prolific scorer with Lyon and he is confident he can be a regular marksman at Madrid as well - if he can secure himself a place in what is promising to be a star-studded line-up.

“I don’t want to promise a set number of goals, although I hope to score a lot. With players like Kaka, (Cristiano) Ronaldo and Raul it will be very easy for us to get goals,” said Benzema, whose signing takes Madrid’s spending this summer towards the £200million mark.

“I’m aware that there is great competition at the club and maybe I cannot always play, but I’ve come here to fight, so it’s not going to be a problem.”