The FA announced last night that it would look into claims that Terry allegedly aimed a racial slur at Ferdinand during Sunday's west London derby at Loftus Road.
Terry on Sunday and last night denied verbally abusing the 26-year-old, but should the FA, or worse still, the police, deem otherwise the decision could have a ruinous effect on the defender's future in the game.
The 30-year-old has endured a difficult time over the last 12 months, with allegations that he slept with the ex-girlfriend of former team-mate Wayne Bridge costing him the England captaincy.
The Londoner bounced back from that controversy and was handed back the skipper's armband in March, but this latest alleged incident could force Fabio Capello to rescind the captaincy again if Terry is found guilty of racially abusing a fellow footballer.
Terry himself was in a bullish mood last night, however, and vowed to clear his name.
"I welcome the FA enquiry and look forward to clearing my name as soon as possible. Until then I have no further comment," Terry said.
Terry had issued a statement after the match denying he had racially abused Ferdinand and the two players met in the away dressing room after the match so the England international could explain his version of events.
Ferdinand appears not to have been satisfied with the Chelsea man's explanation, however, with the FA confirming it had been asked to look in to the allegations at 6pm on Sunday.
"Queens Park Rangers Football Club does not condone racism in any way, shape or form," said Hoops chairman Tony Fernandes in a statement on his club`s official website, backing his player.
"As a club, we will provide our players with our unequivocal support when alleged incidents like this occur."
Terry has received a public barracking on social networking sites such as Twitter over the claims, but found support from his club.
Manager Andre Villas-Boas says Terry would never racially insult a player and criticised those who have already concluded that the centre half is guilty.
Villas-Boas said: "He's put out his statement and we fully back John. John is a player who represents this country to the highest level internationally.
"He is a player of great responsibilities for the country and he is confident about it because he spoke to Anton after the game.
"For us it was end of story and it still is. It's just a great misunderstanding and something blown out of proportion.
"John Terry represents this country internationally and it should also be that people who represent this country should have better and fuller support instead of stories based on speculation."
QPR, meanwhile have given their full backing to Ferdinand over the alleged incident, which has caused dismay at anti-racism group Kick it Out.
Kick it Out chairman Lord Herman Ouseley is particularly worried about the effect another racism investigation will have at grass roots level so close to similar racism claims Patrice Evra made against Luis Suarez - accusations the Uruguay striker denies.
Lord Ouseley said: "It is of great regret that in Kick It Out's `One Game, One Community` weeks of action, backed by all 92 professional clubs, two high-profile incidents of alleged racist abuse have taken place.
"This is worrying and potentially very damaging; what happens at the top end of the game has an impact at grass roots level and at parks pitches across the country.
"Kick It Out condemns discrimination in any form and hopes matters are investigated properly."