Swansea City have announced that they have agreed an undisclosed fee with Town for Pablo Couñago, and has been confirmed by Town boss Roy Keane.
Swans chairman Huw Jenkins told their club site: "The deal is still at the early stages.
"We have agreed a transfer fee with Ipswich, but nothing has been agreed with the player.
"Paulo has made no secret of the fact that he wants another striker to add competition up front. He believes Pablo fits the bill perfectly."
Keane reiterated that nothing as yet has been agreed with Pablo himself: "We've had an offer for one of our strikers which has been accepted by the club.
"We have given permission for the player to speak to the club concerned but that doesn't mean that a deal is done."
TWTD first reported the Swans interest in the Spaniard yesterday.