Confirming the news to the Official Club Website, Chairman David Sheepshanks said: "We've agreed personal terms with Pablo and he'll be at Portman Road for a medical on Thursday.
"While nothing is ever certain in these things until the ink is dry on the contract, we should be able to unveil Pablo as an Ipswich Town player on Friday.
"Our management team have been to Spain to watch Pablo play and Jim Magilton has spoken to him in depth and been very impressed by what Pablo had to say. I think there's a sense that the player has unfinished business at Portman Road."