The 27 year has struggled for a consistent run in the Foxes' first team this season since signing for the club in the summer from Preston North End.
Ipswich manager Paul Jewell discussed the bid and his hopes of securing the former Peterborough man's signature, "Everything's agreed between the two clubs and with the player's personal terms."
"I spoke to him on Monday. He has got a few options. Hopefully he will choose us, but we're waiting on an answer."
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