Sky Sources understand Cardiff striker Ross McCormack has held talks with Ipswich manager Roy Keane over a possible move.
The 23-year-old forward only scored four goals in 34 Championship appearances for the Bluebirds last term, as Cardiff failed in their quest to reach the Premier League after losing in the play-off final to Blackpool.
Ipswich boss Keane is eager to bring the Scotland international to Portman Road and is thought to have offered Jon Stead to the Welsh side as part of the deal.
Striker Stead, 27, has long been linked with a move away from the Tractor Boys but has yet to make an exit.
Cardiff are now free to sign players after their transfer embargo for failing to pay a tax bill on time was lifted last week.
Former Rangers and Motherwell forward McCormack could be on his way, and it remains to be seen if manager Dave Jones wants to see Stead come in the other way.