The winger has enjoyed a successful five-year stint at Stamford Bridge, contributing 43 goals from 201 appearances in all competitions.
However, despite admitting that his future is not top priority during the coronavirus outbreak, the 32-year-old has said that he will take on a new challenge elsewhere.
Speaking to Cadena Ser, the Spaniard said: "I'm terminating my contract, but right now it's not the most important thing, nor have I stopped to think about it.
"The most important thing is for everyone to show solidarity. Whatever happens regarding my future will happen but right now is not important as we don't even know when we will return to training."
Although Pedro has dropped down the pecking order under Frank Lampard, the former Barcelona man netted against Everton in Chelsea's last fixture.