Stan Ternent and Burnley still want to re-sign out-of-contract central defender Drissa Diallo, but appear unlikely to be able to match the deal the Blues have put together for the Guinean international.
Ternent met with Diallo's agent Phil Black last week but financial constraints at Turf Moor mean that a move to Portman Road looks more likely - if Town's transfer embargo is lifted on Wednesday at a Football League board meeting.
Agent Black says that while his player is happy with the Clarets, their offer may not be tempting enough: "We've had an offer from Burnley and an offer from Ipswich and we are just waiting to see if we can match them up.
"At the moment, things are still wide open. Drissa still has a love affair with Burnley but I don't know whether they can come up with the same package Ipswich are offering or not.
"The balls are still in the air, though. Until Ipswich get permission from the Football League to start trading again then nothing is concrete."
All the signs are that Town will able to bring players in after Wednesday with Diallo appearing likely to sign soon after.