Speaking to the EADT, Chief Executive Simon Clegg said: "When you look at Portman Road in terms of spectator capacity we are right up there.
"We have one very historic stand and we will just have to see how the club develops but it is a natural long term plan at some stage.
"If we are filling this stadium week in and week out and we need extra capacity then there is only one place it can come from and that is the Cobbold Stand.
"If we had a fundamental shortfall in capacity then we would expand even if it meant doing so when we are still in the Championship."
Clegg also admitted that there is a chance the naming rights for the stand could be sold: "What we would have to do is balance between driving revenue and appreciating tradition.
"The values and traditions are very important to me and to this club. I hope we will be seen as a club fit for the 21st century while recognising what has been achieved and the values and traditions of where this club has come from."
Clegg also admits that he has spoken to some of his former Olympic contacts with a view to getting some financial input into the club: "We are constantly strive to attract additional financial support to this club and there is large focus on maximising income, existing and generating new income
"We have to operate in an effective and efficient way and every pound going out has to be a pound well spent.
"I have spoken with some of my old Olympic contacts and asked if they want an involvement in our long term objectives but it has gone no further than that just yet."