Peter Kenyon, Chelsea’s chief executive, on Wednesday insisted the club would not sell John Terry to Manchester City, but added that the size of the squad built on the largesse of owner Roman Abramovich would be pared during the summer transfer window to help control the biggest wage bill in the Premier League.

City’s audacious offer for the Chelsea and England captain, including a salary reportedly in excess of £200,000 ($328,000) a week, illustrates the shifting balance of financial power in the Premier League, as the ambitious Abu Dhabi-owned club usurps Chelsea’s once-dominant position in the transfer market.