Skipper Jim Magilton says that contrary to reports from the club earlier in the week, he is still to commit himself to the Blues for 2005/06. Magilton says he met with the Town management on Tuesday but elements of his new one-year deal still have to be agreed.
The 36-year-old Northern Irishman said: "I don't know why the club put it out that I had signed earlier in the week because they know as well as I do that I haven't signed anything yet.
"I had a meeting again on Tuesday, but there are still a few details that need to be sorted out before I sign.
"The club may try to force me to sign by threatening to withdraw the contract offer, but that's up to them. At this stage of my career I am starting to think about what I will do after I finish playing and my next move may have to be along those lines.
"On the other hand things could be sorted out very quickly and I could sign in time to play in our first friendly next Wednesday."
Magilton, who was offered a player-coach role with Bristol Rovers and also had interest from Preston North End and Tranmere, says he still has other options aside than Town: "I won't be left high and dry without a job if I don't stay.
"There will be other opportunities for me, whether it's playing or a move into coaching.
"I have told the manager that I am happy to relinquish the captaincy and I would never stand in the way of a young player breaking into the first team, but he has told me he wants me to sign and we'll see how things pan out over the next couple of days."
Magilton's contract situation has been Town's own Steven Gerrard saga this summer. The Northern Irishman initially indicated that he wasn't going to sign his new deal, then appeared to have put pen to paper and now once again seems reluctant to commit himself to another season at Portman Road.
The former Oxford, Southampton and Sheffield Wednesday man is keen to become a coach when he hangs up his boots, ideally with a club in the North-West, close to his wife's family in Liverpool.