Fans Favourite Stewart left Town for Sunderland last season for a fee of £1.25M, and was set to play in the Cup Clash between the two sides.
However he picked up his firth yellow card of the season in the recent game against Nottingham Forest which will result in a one match ban for the former Huddersfield striker, which will come in for the game against Town.
Speaking to the Official ITFC Website, Stewart said: "As soon as I saw the yellow card I knew I would be out of the Ipswich game. I'm devastated to be missing out on my first return to Portman Road. I was really looking forward to going back there.
"The only consolation is that we have a League match there in April and hopefully I will be involved in that."