Ex-England striker Ian Wright has suggested Terry would be devastated if the honour fell to Ferdinand after he was stripped of the armband by Fabio Capello.
But Ferdinand is adamant being part of the first England side to win football's biggest prize for 44 years would make up for any disappointment Terry may have felt at losing the captaincy.
The central defender said: "That is not a source of tension. When you win the World Cup, I don't care who actually lifts the World Cup.
"As long as I get to say I've got a medal around my neck that says I've lifted the World Cup, then great.
"If Wrighty feels he'd feel like that, that is down to him. I am sure JT (Terry) wouldn't care who lifted the World Cup.
"I wouldn't care because you would go down in history as one of the best teams, one of the best players who has played for your country.
"The players who won it in 1966 are still being wheeled out to do appearances because it is such a big thing and means so much to this country."
Ferdinand admits he feels at home as captain but has never been afraid to speak his mind.
He said: "I feel comfortable as captain. I'm one of the experienced lads, I've been in the squad for years. All the young lads know me and all the senior lads have grown up with me.
"If there is something to be said in the changing room. I've never been afraid to speak my mind on anything, anywhere. It is the same as being captain.
"I don't really behave differently. You get more people coming to you saying 'can you ask about this?' or 'what you think about this?' but I don't look upon it as a pressure. It is part of the job and you've got to deal with it.
"I do like the responsibility. It is nice. Everyone wants to grow up wanting to be the captain of their club. This is England and there is no prouder accolade than to be captain of your country. But it won't mean as much if we weren't to win anything."
Ferdinand admits he learnt most from Manchester United legend Roy Keane of the captains he has played under.
He said: "All the captains have different elements that are good but I think I took most from Roy Keane, more than anything in terms of honesty and speaking your mind on things.
"Keano was never one to hold back. Sometimes it wasn't taken very well but, a lot of the time when you look back on it, people took something from what he said.
"I wouldn't agree with all of it and I didn't agree with some of the things he said but there were bits of it you take out.
"As long as you speak your mind, and get it off your chest in the right way, then you've got a chance of adding something to someone."
Ferdinand will also feel a sense of pride in equalling Sir Bobby Charlton's record of featuring in four World Cup finals.
He said: "I didn't know that. It is crazy because you look at Sir Bobby as someone who is up there in lights really.
"He comes into the Manchester United dressing room after games to say 'well done' or 'unlucky' and he is never negative about things.
"He is someone you put up there on a pedestal and you'd love to aspire to be anything like him. But to equal one of the many records that he holds would be a good sense of achievement.
"Sir Bobby still offers advice. He spoke to me before I came here and said 'go out there, be yourself and confident, and you will be fine'.
"He is the perfect ambassador - not just for Manchester United but for football."