Sky Sports understands Portsmouth have rejected a double bid from Ipswich for Joel Ward and Jason Pearce.
Ward, 22, is a versatile midfielder who can play wide or as a support striker. He has made 25 appearances this term, netting just two goals.
Pearce, 24, has made 24 appearances for Pompey this season and is an integral part of their defence.
Michael Appleton is determined to hold on to his players during this transfer window and has blocked the bid.
However, Pompey are desperate for funds and could well be tempted to cash in if Ipswich return with an improved offer.