Neither John Terry nor Eidur Gudjohnsen will be leaving Chelsea, according to chairman Ken Bates.

Both players are in the process of negotiating new contracts, but talks have apparently been put on hold until the summer.

Chelsea are reportedly œ100 million in debt and this has fuelled speculation that Terry and Gudjohnsen may be sold to ease the London club’s financial problems.

Although Terry has been told he will assume the captaincy, once Marcel Desailley hangs up his boots, the defender is keen to secure his future. Recent rumours have linked the prospective England international with a move to Arsenal.

Gudjohnsen meanwhile has struggled to hold down a regular place in Claudio Ranieri’s starting line up this season. But with Gianfranco Zola nearing retirement and Jimmy Floyd Hasselbaink continually linked with a return to the continent, the 24-year-old is likely to become Chelsea’s senior striker in the next couple of seasons.

However, Chelsea may have to ward off overtures from Manchester United, who have shown interest in the Icelandic international.

Bates said: “Both John Terry and Eidur Gudjohnsen have a couple of years left on their contracts so there is no way they will be leaving the club.

“We want to renegotiate and extend their contracts and we are having discussions with their agents with regard to doing so. But there is no urgency because they are under contract.”

But failure to qualify for next season’s Champions League could damage Chelsea’sfinances and lead to some personnel changes over the summer.