Agent Rachid Tajhout told BBC Radio Suffolk: "We have had good discussions with Ipswich and hope to receive an offer in the next week or so."
Tajhout said Mpenza wants a club who can make the top flight and stay there.
Tajhout revealed Ipswich first enquired about taking Mpenza on loan in March, only for the striker to reject the move as he was not fully fit.
Mpenza has made 30 appearances for City, scoring six goals, following his move from Qatar in February 2007.