Parma have emerged as summer favourites to take Matteo Sereni back to Italy. Their manager Arrigo Sacchi has said they are targeting at Sereni, rated by Italian fans as their fifth best keeper. Lazio, Sampdoria, a Spanish club and a Premiership side are also said to be showing an interest.
Sacchi is reported to have told an Italian newspaper: "Matteo Sereni is an important objective for Parma."
If Town go down Sereni looks almost certain to leave Portman Road as David Sheepshanks seeks to balance Town's finances. Sereni's wages are thought to be amongst the highest at the club.
The Blues will look to recoup as much of the ÂŁ4.8 million fee they paid out last August, and if several clubs are indeed interested in him a bidding war could help David Sheepshanks with his summer financial restructuring.
Chelsea have previously been linked with Sereni, but a return to Italy looks on the cards.
Parma will be looking to strengthen after having their worst year in Serie A this season. Current keeper Sebastien Frey looks likely to leave over the summer with Barcelona touted as his destination.
Sampdoria failed to get themselves promoted from Serie B and it seems unlikely that they would have the cash to take their former favourite back to Genoa.
Lazio currently have Italian international keeper Angelo Peruzzi as their number one with 36-year-old former international Luca Marchegiani as his back-up along with youngster Emanuele Concetti.
Reported interest from the Rome side seems to stem from rumours that Roberto Mancini could be named their new manager later this week. He was widely reported to be interested in Sereni during his brief spell as boss at Fiorentina at the beginning of this season.
Sereni himself says he will not be asking for a move: "It will be the club's decision to sell me. But if I do go, I will be sad to leave behind such brilliant fans.
"The supporters at Ipswich are the best I have had in my career, every game I played they were totally behind me. I loved their singing and their warm feelings towards me on and off the pitch."