The 36-year-old's 22-year stay at Stamford Bridge will come to an end when his contract expires in June, and a number of clubs from home and abroad have been linked with the former England skipper since his announcement.
Clement worked with Terry at Stamford Bridge during Carlo Ancelotti's time in charge of the club, and the Swans boss revealed that he would be keen to be reunited with the centre-back.
"If we stay up why wouldn't we be interested?. I know John very well as a player and a person and I would be more than happy to speak to him. That is not something I have thought about at this point, we have to focus on the players and games we have got," he told reporters.
"When the season finishes we can have those discussions about our own players and potential targets. But having worked with John, I know what a fantastic player he is and what a career he has had. He has unbelievable talent and he is a fantastic leader - one of a dying breed of leaders.
"He has represented that club so well over so many years in a time when players are too quick to move on and go from club to club. He's spent virtually his whole life playing there and congratulations to him for such an amazing career."