Configuring chip I/O terminals such that they may be input, output, or bi-directional terminals. Furthermore, the I/O terminals may be configured with different signal sources if they are output or bi-directional terminals. In addition, the terminals may be configured to be inverted when operating in either direction. A mechanism is provided to change this configuration as needed, for example, to correspond to different pins on the package as appropriate given the package configuration and other implementation needs. This configurability allows for tremendous flexibility and independent between the chip on which the integrated circuit is embedded and the package.