The 34-year-old, who has played alongside Cech at Stamford Bridge since 2004, told talkSPORT - according to a tweet from breakfast show host Alan Brazil - that the 33-year-old shot-stopper will become an instant star with his next employers.
“There’s talk of Arsenal signing Petr Cech and, if they do get him, he will strengthen them for sure. He will save them 12 or 15 points a season,” Terry commented.
“Petr was an unbelievable professional last year. When you get left out of the team it can be hard to accept but, when he came in [to the side], he was exceptional.
“He deserves a lot of credit for that. We understand he wants to play first-team football but nobody wants to see him leave the club.
“He’s going to be sorely missed and will improve any side he goes to.”
Chelsea manager Jose Mourinho is reluctant to let Cech go - especially to a direct Premier League rival - but the long-serving goalkeeper's wish of staying in London and the Premier League has been granted by the Blues.
Mourinho is hunting for a new back-up keeper for Thibaut Courtois and has set his sights on Queens Park Rangers' ace Robert Green who, while nowhere near the same level as Cech, would be a useful reserve option for the reigning Premier League champions.
However, ensuring the world-class Courtois is fit for every one of Chelsea's big matches has now become an even more imperative task for Mourinho.
Will Chelsea regret selling Petr Cech to Arsenal? Have your say in the comments below!
Chelsea keen on Pepe
Elsewhere, it's been reported by the Mirror that Chelsea are considering signing Real Madrid centre-back Pepe.
The Portugal international, 32, can leave the Bernabeu for free next summer - meaning Chelsea will be able to negotiate a deal to sign the defender for nothing in January.
But the west London outfit would need to pay a fee if they decide to make a move for the hot-headed Madrid ace this summer.
It's a potential transfer which may seem unlikely, but the chances of Pepe leaving the Bernabeu by September 1 will increase significantly if Rafael Benitez decides to use Raphael Varane and Sergio Ramos as his two centre-backs from the start of next season.
Chelsea fans: would you be happy if Jose Mourinho signed Pepe? Let us know by leaving a comment!
Radamel Falcao produces shocking dive
And finally, Radamel Falcao has given Chelsea fans yet another reason to be concerned about his potential arrival.
The Colombia international produced a terrible dive while playing for Colombia against Peru at the Copa America on Sunday night.
The 29-year-old, who looks certain to become Chelsea's next season, also failed to score - meaning he has failed to net a single goal in any of his three appearances in the Copa America group stages.
To watch the video - Click HERE.
Chelsea fans: is Jose Mourinho making a big mistake with Radamel Falcao? Have your say in the comments below!