TWTD understands that former loanee Liam Feeney will not now be joining Town on a permanent basis.
The 29-year-old was understood to have agreed terms with the Blues despite interest from Birmingham City and others and was set to sign once his current contract with Bolton Wanderers is up at the end of the month.
However, the winger has subsequently received a more lucrative offer from another club, believed to be Blackburn Rovers, where he was previously on loan in 2014.
Feeney joined Town on loan in March and made seven starts and two sub appearances, scoring once.
Speaking on the final day of the season, manager Mick McCarthy confirmed he was keen to sign the former Millwall man on a permanent basis.
"We’re talking to him and we’re talking to his agent,” he said. "I’d like him to stay and he would like to stay and if we can come to a mutually beneficial deal then that’s what will happen. If we don’t, then we won’t.”
McCarthy said in May that adding wide players to his squad is a priority this summer: "The wide areas are an issue for us. We have lost Tabby [Jay Tabb], Ainsley [Maitland-Niles] has gone back to Arsenal and obviously Ryan [Fraser] is back with Bournemouth so we need to look at that.
"Goals from midfield have been a problem for us over the last two or three years but we looked to have got on top of that with Ryan, who certainly contributed in that area. He was a real loss for us.”