"Sir Alex realises we weren't too far away from them at the very top of their game and I don't think they've got another level to go to," Terry has said.
"Take nothing away from United, they've been fantastic. But they have a lot of players in their team who have hit peak form in the last two years.
"Every year we're going to give them a good go for their money. We're no longer a nearly team.
"We need to raise the bar. At the end of the day last season we wasn't good enough.
"It still hurts me to see pictures of United lifting those trophies.
"We need to set ourselves big targets - to win the Premier League, the FA Cup, get to the final of the Champions League and win it. Those are the targets."