Former Chelsea captain John Terry is reportedly set to take over League Two outfit Colchester United, becoming the latest ex-Premier League star to purchase a football club. The 45-year-old is set to be named as part of a consortium orchestrating a £14million takeover.

The Sun claim that Terry will follow in the footsteps of Ryan Reynolds, Snoop Dogg, and Will Ferrell by owning a football club in the English pyramid. Terry will reportedly wield considerable influence at the League Two side, who are currently in 13th position under the stewardship of former Lincoln, Huddersfield, and Portsmouth boss Danny Cowley.

Terry's nephew, Frankie Terry, is also registered at Colchester but has spent this season on loan at National League outfit Braintree Town.

The Blues' legend is understood to be 'absolutely buzzing' to become involved with The U's and is a firm believer in the staff and squad at the Essex-based club.

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His unexpected move into club ownership follows a former team-mate expressing interest in acquiring the League Two club. Terry's former Chelsea team-mate Alexandre Pato pulled out of negotiations back in February.

The ex-Brazilian striker had been in discussions to purchase the U's and was at their match against Fleetwood Town as a guest of chairman-owner Robbie Cowling.

A joint statement from both parties said: "Aspire Media Group has decided not to proceed with the proposed acquisition of Colchester United by Sports Alpha Capital (SAC), the investment consortium managed by Joao Xavier and including Alexandre Pato. Accordingly, discussions have concluded.

"SAC will continue to explore future opportunities within English football while maintaining a lasting respect and affection for Colchester United and its supporters.

"Colchester United remains focused on the remainder of the season and its ongoing ambitions for progress and success."

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Hollywood star Ryan Reynolds and American singer Snoop Dogg are amongst the high-profile celebrities to have invested in EFL clubs in recent years.

Reynolds, alongside fellow American Rob McElhenney, has helped steer Wrexham from the National League to the verge of the Championship play-offs, while Snoop Dogg has bought into fellow second-tier outfit Swansea.