Town boss Mick McCarthy says he will not be offering striker Luke Varney a new contract but that full-back or midfielder Kevin Foley could stay at Portman Road.
Varney, 33, signed a short-term deal with the Blues in December having spent the previous six months undergoing rehab with Town after suffering a serious achilles injury during the play-offs while on loan from Blackburn, who subsequently released him in the summer.
In total, the much-travelled frontman has made 11 starts and 21 sub appearances for the Blues, scoring two goals.
"I have spoken to Reg today and told him we won’t be offering him anything,” McCarthy told Ipswich Player HD.
"He’s a top professional and a top person and I’d like to think we have both been good for each other.
"We looked after him when he snapped his achilles and he has repaid us with his professionalism and what he has done on the pitch for us.
"We have four strikers though - Murph, Didz, Freddie and Brett Pitman - and they have been in front of him because of injury and one reason and another."
Former Irish international Foley was reunited with his former Wolves boss McCarthy in January when he signed on a free transfer, agreeing a deal to the end of the season, having left FC Copenhagen the previous summer.
The 31-year-old has made six starts and two substitute appearances for Town.
"With Foles, it’s an ongoing discussion," the Town boss added. "He is versatile and would give us options but fundamentally he is a right-back.
"We have Josh [Emmanuel] coming through in that position and when we kick-off next season, the best right-back we have here will play.
"Foles will have other options as well. Most importantly, he will want to play regularly. He will sit down with his family and decide what’s best for him.”