The 36-year-old former England centre-back confirmed on Monday that he would be leaving Stamford Bridge at the end of the season, bringing his 19-year tenure at the club to an end.
Bilic admits that he is a "big admirer" of the defender and, despite having "quality and experience" in the West Ham backline, does not seem averse to the idea of bringing him to the London Stadium.
When asked about the subject at a press conference on Thursday, the Croat told reporters: "We are going to see.
"I'm a big admirer of John, he is one of the best that ever played, not only in that position but in general. He won everything, he did everything and we are talking about an England captain, a true leader.
"We are pretty well covered in that position, we have quality and we have experience, but we will see."
Terry, a former West Ham academy player, has made just eight starts for Chelsea during the current campaign.