Confirming the news to the Official Club Website, Town owner Marcus Evans said: "I am delighted that Roy has agreed to join us and we are completely aligned in our ambitions for Ipswich Town.
"He has extensive contacts in the game and is a proven winner who encourages his team to play the attractive football that Ipswich Town fans have come to expect. I believe he is the right man to take this Club where we want to be - the Premier League.
Recently appointed Chief Executive Simon Clegg added: "The appointment of Roy Keane further demonstrates our commitment to help Ipswich Town Football Club achieve our aim of returning to the Premier League at the earliest possible opportunity.
"Roy has experienced promotion as Championship winners as a manager and, importantly then kept his side in English football's top flight and I am looking forward to working with him."
A press conference will be held at 4pm this afternoon to unveil the 37 year old as the new Town manager.
Click here to read Keane's inital thoughts on his appointment.