The central defender has been handed back the armband 12 months after being withdrawn from the role after his alleged affair with Wayne Bridge's former girlfriend.
Terry takes over from injury-prone Ferdinand, who is upset at his treatment from manager Fabio Capello but insists he has no problem with Terry.
Leading the way: Terry (2nd right) was out in front during England training at London Colney on Tuesday
Chelsea star Terry will speak at a lunchtime press conference at England's training base ahead of Saturday's crunch Euro 2012 qualifier with Wales in Cardiff.
He will explain his return as leader just a year after his humiliating removal as captain in the build-up to the 2010 World Cup finals.
Capello has risked causing division in the squad with the decision, although Ferdinand is injured for the clash with Wales.
Familiar face: Goalkeeper Jens Lehmann (centre), back on Arsenal's books, meets the England players
A source close to Ferdinand told The Sun: 'Rio felt it was only right he gave John a call and talked things over. He wished John all the best for Saturday and told him he believed he would lead the team to a win.
'John and Rio go back years and there is a mutual respect. Maybe Capello could learn a bit from them.'
Ferdinand tweeted to fans who backed him: 'Thanks for all your messages. I appreciate them all. Pure love.'
Matt Jarvis is also set to speak at London Colney after his surprise call-up to the squad following his impressive performances for relegation-threatened Wolves.
All change: Ferdinand (right) was handed the armband when Capello took the honour away from Terry last year
Dynamic duo! Capello wants to unleash Rooney and Carroll in Wales qualifier John Terry: I never gave up hope of being England captain again after Fabio sacked meEngland out of respect for Fabio: Squad can't believe Terry made captainKenny Dalglish: If Terry was wrong man a year ago, why is he right now? Capello faces players' fury: Rio leads stars' anger as Terry back as captainTerry should have never lost the England captaincy, blasts Shilton
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