Hibernian boss Neil Lennon has confirmed his club rebuffed a Town bid for midfielder John McGinn last month.
The Blues were reported to have offered around £1 million for the 22-year-old Scotland international.
"We had an offer from Ipswich and it was nowhere near the valuation we have of the player and that’s the end of it,” Lennon told Deadline News.
Since that bid the Blues have signed Emyr Huws and Tom Adeyemi but could still be looking to add to their central midfield options with former loanee Ryan Tunnicliffe, who is a free agent following his release by Fulham, also on their radar.