Town are set to sign Norwich City midfielder Marcelino Nunez in a £10 million deal.
The Chilean is understood to be in Ipswich to complete the formalities on the switch for £7.5 million up front plus a further £2.5 million in add-ons.
The 25-year-old, who currently has a minor ankle problem, joined the Canaries from Universidad Catolica in the summer of 2022 and has gone on to make 86 starts and 33 sub appearances, scoring 12 goals, including the free-kick which won the East Anglian derby for Norwich at Carrow Road in 2023/24.
Nunez, who has been capped 31 times by his country, scoring three goals, has a year left on his contract and has turned down new terms on two occasions.
Norwich are reported to be signing Silkeborg’s Pelle Mattsson for £2.7 million as his replacement.
Town have been looking to add to their central midfield options this summer with skipper Sam Morsy, Massimo Luongo and loanee Kalvin Phillips having departed.
The last player to make the move from Carrow Road to Portman Road on a permanent basis was keeper Andy Marshall in the summer of 2001, while other players have represented both clubs since then on a full-time or loan basis over the course of their careers, including David Wright, Jordan Rhodes, David Healy, Alan Lee, Matthew Bates, Kevin Lisbie and Brandon Williams.
More recently, Liam Gibbs turned down a contract with Town to join the Canaries in 2021.
Among those who represented both clubs on a permanent basis prior to that were Clive Woods, Trevor Putney, John Deehan, Louie Donowa, Clive Baker, Johnny Miller, Peter Morris and Keith Bertschin.
Off the field, former Norwich striker Joe Royle managed the Blues, Paul Lambert both sides, while current Canaries boss Liam Manning, his assistant Chris Hogg and first-team coach/analyst James Krause are all former Town academy players and staff.