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The captain has been left frustrated on the sidelines for much of the campaign and has only completed 90 minutes on 7 occassions this season.
Magilton told Sky Sports, "I have not figured as much this season, and if there was a chance of being picked every week, and the vibes were right, I
would seriously consider moving now.
"At the end of the day there is no substitute for playing. The move would have to suit me and also suit Ipswich Town.
"But I would see no reason not to go if the circumstances were right. With a long list of midfield players on their books I don't think Ipswich would stand in my way."
The emergence of teenager Owen Garvan, on-loan Jimmy Juan and January signings Gavin Williams and Vermund Brekke-Skard have pushed the skipper onto the periphery of the team.
Magilton has enjoyed a fantastic career at Ipswich since his switch from Sheffield Wednesday and his reputation in the game is sure to attract offers.
If Magilton does leave it would be Ipswich's loss and ITFM would wish him all the best.