Town and Finidi George are close to agreement on a deal to cancel the Nigerian midfielder's Portman Road contract. The former Ajax, Real Betis and Real Mallorca player will reportedly receive around £1 million to end his time with the Blues.
George is understood to be earning around £20,000-a-week with Town and has two-and-a-half years left on his contract. If the settlement is at the £1 million level claimed, then that will mark a significant reduction to the Town wage bill over the next couple of seasons.
David Sheepshanks is refusing to discuss the amount but admits he has met with George's Dutch representative: "I have met with Finidi's agent and although nothing has yet been finally agreed the talks were very positive.
"It has been recognised by all parties that it would be in everyone's best interest to find a solution.
"Finidi is understandably unhappy at this stage of his career to be playing in the reserves of a Division One team, while we have to face financial reality."
Before Christmas George, who cost Town £3.1 million in the summer of 2001 from Real Mallorca, was offered a free transfer and was said to be interesting a number of Spanish clubs. This appears to have come to nothing.
After a dramatic start to his Town career with two goals in his home debut against Derby, the Nigerian failed to impress at Portman Road. Earlier this season his pregnant girlfriend returned to Spain and he has been keen to join her.