Speaking to the East Anglian Daily Times, Scowcroft said: "The loan could have been extended for another week but I spoke with the manager and he decided not to do so. I was not really surprised. I would have liked to have stayed, but he has plenty of numbers now.
"I know there is no future for me at Leicester, I have spoken to Craig Levein and he has explained where they are going and there are no issues there.
"There are several options for me but there is still a lot of football to be played. There are a lot of issues to still be resolved for clubs relating to promotion and relegation."
Away from his own career, Scowcroft also thinks Town are good enough to win the play-offs: "I have spoken to some of the lads already and while I'm disappointed not to be with them I know they are more than capable of winning the play-offs.
"It is true that all four clubs start equal but Ipswich are by far the best of the four. If they can play to their potential, and get the luck that all teams need, then they will go up.
"I know people talk about what happened with West Ham last year but Town are better for that experience and the home game coming second is a big help to them."