Villa failed to clinch promotion to the Premier League with a 1-0 defeat to Fulham in the Championship playoff final at Wembley on Saturday.
Terry's one-year contract has now officially run out, but Bruce admits that the player is in control of his future at Villa.
"I think that is the question for everybody, John's future. That will depend on John," Bruce told reporters.
"The discussions over the next few weeks will be with John to see what he wants. He had an option if we went up. We had to balance the books last summer to get loans and frees. It is something that has happened over the last two windows and something they are going to have to get used to.
"We had to balance the books last summer. It's something I've had to get used to over the last few transfer windows. There's going to have to be a change of course but we'll ask those questions in the next few weeks."
Terry joined Villa last summer after the 37-year-old became a free agent following his departure from Chelsea.