Speaking to the Official Club Website Town boss Jim Magilton said: "It's only speculation and we can't help that. With Richard coming to the end of his contract, it was always likely that he would be linked with a move back here given his history.
"He's an Ipswich lad and everyone knows what he thinks about the club. I had the pleasure of playing with him and when he left we all thought he would move on to bigger and better things but it hasn't worked out for him.
"He is someone I have always admired though and you never know what can happen in football. He's a very good player who would certainly enhance the squad we have at this football club."