Former skipper Terry Butcher is close to joining Australian club Sydney FC. The former England man was also linked with the Town manager's job with one report claiming his agent had been in talks with chairman David Sheepshanks.
Butcher said: "I am now on the verge of putting pen to paper on a deal to take over as the new coach of Sydney FC.
"Having travelled for what feels like the best part of a week to get here - and undergoing more interviews than a head of state - I expect everything to be finalised and formally announced at a press conference in the next two days.
"Everything would have to go disastrously wrong for me not to complete the deal.
"I have been hugely impressed by the club and their ambitions for the future - and let's be honest, aside from anything else, it is a wonderful opportunity for me and my family and just too big to turn down."
Butcher was unlikely to be a frontrunner for the Town job despite his status as a Portman Road legend.
Elsewhere, Ian Holloway has announced his intention to apply for the Town job. The ex-QPR boss is also in the running for the Millwall manager's position.
The circumstances surrounding Joe Royle's departure from the club last week are gradually starting to emerge. Royle, it appears, was keen to go into the transfer market quickly this summer, while the board wanted to wait until the overall financial position was clearer.
This difference of opinion appears to have been the catalyst for the mutual agreement between Royle, already frustrated at having had to sell players each year, and David Sheepshanks that the ex-Oldham, Manchester City and Everton boss should leave the club.