Terry announced on Monday that he will be leaving the west London club at the end of the season after 19-memorable years at Stamford Bridge.
The former England captain enjoyed an unforgettable spell winning the Champions League, four Premier League titles, five FA Cups and three League Cups.
Terry, 36, still feels he can compete at the highest level and with the Hammers conceding a number of goals this season, he could add some crucial experience to their backline next season.
Bilic has no doubts that the former England skipper can still perform in the Premier League, but is refusing to think about any future signings until the end of the season.
Bilic said: “Every manager and club would think about him because there aren’t many leaders like him.
“But, then again, we have experience in that position. We have good players in that position so never say never but I don’t think about that right now.
“When you are talking about leadership and characters on the pitch, you are talking about them – [Steven] Gerrard, [Frank] Lampard, [Rio] Ferdinand and Terry,
“John Terry is Mr Chelsea. He’s done everything and he definitely has at least a couple of years left.
“Whether that will be at West Ham or in the US, I don’t know. We don’t think about that right now.
“I don’t think this is the end of John Terry’s career.”