"Our goal ratio needs to be improved so we need another frontman to give us options," said Royle.
Ward is one of the highest paid players at Bradford and they are keen to off-load the striker in a bid to reduce their wage bill.
"We're in discussions with Ipswich but nothing has been finalised yet," said a Bantams spokesman.
"It could be a loan move or permanent. It's been a known factor at Bradford for a while that he is one of the highest earners here."