Hartlepool United were also said to be interested in the 29 year old Republic of Ireland international, but it is expected the former Celtic, Sunderland, Livingston and Barnsley player will decied to join Town.
Confirming the news Roy Keane told the Official Club Website: "We had permission from Cork on Tuesday to speak to Colin and I had a chat with him yesterday.
"He's had a medical and we are waiting for the results of that and he's now discussing personal terms. Hopefully they will be finalised very soon and I expect him to be an Ipswich Town player at some stage today."