West Brom chairman Jeremy Peace has said that Town have offered his club a proposal which would gain them the signature of Blues' defender Thomas Gaardsøe.
Town turned down a second bid from the Baggies, thought to be around the £500,000 mark but it looks like a deal will be completed in the coming days.
Peace said: "I can confirm that further talks have taken place with Ipswich over Thomas Gaardsøe. Ipswich have now offered us a transfer proposal and I hope we can reach a successful conclusion."
Gaardsøe himself says he will consider the move if the clubs reach an agreement: "No one has told me anything about any of this.
"I have two years left on my present deal and I am happy here but in football and in life you have to consider everything.
"If Ipswich Town were to accept an offer then I would look at the situation.
Town signed Gaardsøe from AaB Aalborg in 2001 for a fee of £1 million plus £100,000 when he made 20, 40 and 60 appearances. Last season the Blues made the first two payments but will probably have to make the third at some point this season should he stay.