The 36-year-old will call time on a 22-year stay at Stamford Bridge this summer, with both club and captain confirmed the news in a joint statement on Monday.
Terry has barely featured under Antonio Conte this season as the Blues close in on the Premier League title, making just five appearances of which the last came in November.
Wright-Phillips, who spent three years at Chelsea between 2005 and 2008, expected more fanfare from the announcement but hopes Chelsea wrap up the title as a way for Terry to sign out on a high.
"I saw it on the news over here, just flashed across the bottom of the screen," said Shaun Wright-Phillips, speaking exclusively to 888sport.
"I didn’t see it coming. Twenty-two years he has stayed there – pretty much his whole life – and I would have thought they’d be more for him, like a testimonial or something.
"I really think though that he will stay in England. He’s played a bit this year and that shows he’s still got a lot to give in the Premier League.
"Hopefully Chelsea win the league because that would be a huge achievement to sign out on."
Terry is yet to confirm his plans for next season, though has been tipped to continue playing as he earns his coaching badges.
Wright-Phillips feels Terry is capable of stepping into a backroom role having experienced the former England skipper's leadership skills first hand.
He continued: "He could definitely be a manager because of his character in the dressing room and the way he spoke to players like myself to help deal with things when it got tough.
"We always looked at his football and sometimes he would have a go at us because he knew what we were capable of and what we could give to the team. Some could take that. Some couldn’t.
"He has all those instincts in him to be a manager.”