The Chelsea defender retired from international football last year on the eve of his FA hearing for allegedly racially abusing Anton Ferdinand during a Premier League match.
The 32-year-old was cleared of any criminal charges by a jury but charged by an independent FA commission and handed a four-match ban and a £220,000 fine.
Terry had earlier been stripped of the captaincy - a move which led to the resignation of boss Fabio Capello who was angered at a decision made without his permission.
FA chairman David Bernstein is understood to be the biggest obstacle in the way of Terry making a return to represent the Three Lions, but he is due to step down from the position in July.
Roy Hodgson has made no secret of his admiration for the Stamford Bridge hero and could offer him the opportunity to pick up his 79th cap in the summer when England take on Brazil and the Republic of Ireland in friendlies.