Town have denied that on loan keeper Matteo Sereni has been made available on a free transfer, as recently reported elsewhere. Sereni, along with Ulrich Le Pen, is on a season-long loan and the Blues are hopeful of obtaining fees for both players.
Negotiations with Sereni's loan club Brescia are ongoing and could continue for some while with the Italian season still having a few weeks to run. Other Italian clubs are also showing an interest in the keeper who has enjoyed a fine season back in Serie A.
Last week Italian sports paper Gazzetta dello Sport rated Sereni at €8 million (£5.5 million), although in the current transfer climate to obtain a fee of this magnitude would be a major achievement.
Recent Italian reports linking Sereni with Spanish clubs, including Real Madrid and Barcelona, have been denied by Town.
Le Pen's loan side Strasbourg are keen to keep him but after a takeover at the club may not be in a financial position to do so. However, there another French club is interested in signing the winger.
Neither Sereni and Le Pen want to return to Town but will have been told to report to pre-season training in July in case no deal is done in the meantime.
Town are also continuing to negotiate a settlement of Finidi George's contract with his Dutch agent Winnie Haatrecht, although an agreement is still likely to be some way off.
The Nigerian, on £20,000-a-week at Portman Road, has another two years left on his deal and the club are keen to remove him from the wage bill.