Challis told dorsetecho.co.uk: "I think the next week or two is going to be very interesting.
"I think Jason wants to work with a lot of the players and he wants to get the situation sorted as soon as possible.
"We have also got to know what is going on ourselves because if things carry on like they have been we could all be out of work in a fortnight's time."
The skipper believes that it would be in the clubs best interests to hold onto their best players if they are to progress next season.
He continued: "It would be a huge shame if the squad had to disband.
"We have shown a lot of potential and everyone wants to go into next season together to see what we can do."
The contract situation at the club is a little disconcerting for the players, who are under the impression that the club now have the financial means to meet their contract requirements.
Challis added: "We were informed a fortnight ago that the future of the club is secure but nothing else been mentioned to the players since.
"It has just been a waiting game."
Terras boss Jason Tindall was the first to be offered a new contract at the Wessex Stadium and Challis is more than happy that the 29-year-old has been given the chance to continue to lay the foundation that he has this season.
The skipper continued: "I am delighted he has got the job.
"He has taken to management like a duck to water and he has got the potential to be up with the best of them.
"Some of his team-talks are fantastic and he is certainly one of the best managers I have ever worked with."
Despite the topsy-turvy season which the Terras have experienced this season, Challis would still be honoured to lead out his troops next season.
He concluded: "I am coming to the end of my second season now and I am feeling comfortable, and I am enjoying myself and my football.
"I have also been given the added responsibility of the captaincy and I am enjoying working with the youngsters in the squad.
"If we can keep hold of the likes of Danny Phillips and Stuart Beavon and get the right mixture of youth and experience I reckon there could be exciting times ahead."