The 29-year-old full back joined Monaco last summer from Portuguese champions Porto and has established himself as a regular in Didier Deschamps' side.
However, Boca president Pedro Pompilio claims that Ibarra has made it clear he fancies a return to the club, and believes a transfer could materialise at the end of the season.
"Ibarra is desperate to play and live once again in Argentina, and I wouldn't be surprised if he comes back to Boca," stated the Boca chief.
Pompilio also revealed that he would pursue a move for another former star Martin Palermo.
The powerful striker has just completed a loan move from Real Betis to Segunda outfit Alaves for the rest of the term, but Boca are eager to try and lure him back to Argentina.
"Palermo has actually reached an agreement for the rest of the season to play at Alaves but if at any moment he gets out of contract we will have a direct negotiation between the player and Boca," Pompilio explained.
